Shares of Corning Incorporated (NYSE:GLW - Get Free Report) gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $55.41, but opened at $58.87. Corning shares last traded at $61.14, with a volume of 1,758,417 shares.
The electronics maker reported $0.60 earnings per share for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. The company had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same quarter in the prior year, the business posted $0.47 EPS.
Corning Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.79%. The ex-dividend date of this dividend is Friday, August 29th. Corning's dividend payout ratio (DPR) is presently 215.38%.
Analyst Upgrades and Downgrades
Several equities analysts have recently weighed in on the stock. Barclays raised their price target on shares of Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Susquehanna increased their price objective on shares of Corning from $60.00 to $75.00 and gave the company a "positive" rating in a research report on Wednesday. Oppenheimer lifted their target price on shares of Corning from $55.00 to $72.00 and gave the stock an "outperform" rating in a report on Wednesday. UBS Group increased their price target on shares of Corning from $54.00 to $57.00 and gave the company a "neutral" rating in a report on Wednesday, July 9th. Finally, Morgan Stanley increased their target price on Corning from $50.00 to $56.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $63.25.
Read Our Latest Stock Analysis on GLW
Insider Activity at Corning
In related news, SVP Soumya Seetharam sold 6,505 shares of the stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $50.01, for a total transaction of $325,315.05. Following the completion of the transaction, the senior vice president owned 25,000 shares in the company, valued at approximately $1,250,250. This represents a 20.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John Z. Zhang sold 9,610 shares of Corning stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $49.29, for a total transaction of $473,676.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 55,534 shares of company stock worth $2,739,891. 0.40% of the stock is owned by insiders.
Hedge Funds Weigh In On Corning
A number of hedge funds and other institutional investors have recently bought and sold shares of GLW. LMR Partners LLP raised its holdings in Corning by 140.1% during the 4th quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock valued at $57,045,000 after buying an additional 700,442 shares during the last quarter. Gotham Asset Management LLC bought a new position in shares of Corning during the fourth quarter valued at approximately $306,000. GAMMA Investing LLC grew its stake in shares of Corning by 29.2% in the first quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock worth $520,000 after acquiring an additional 2,567 shares during the last quarter. Dynamic Advisor Solutions LLC lifted its stake in shares of Corning by 1.3% in the first quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock worth $1,024,000 after buying an additional 297 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Corning by 1.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker's stock worth $59,558,000 after purchasing an additional 23,781 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.
Corning Price Performance
The company has a quick ratio of 1.05, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $53.56 billion, a PE ratio of 66.52, a PEG ratio of 1.64 and a beta of 1.11. The firm's fifty day moving average price is $52.16 and its two-hundred day moving average price is $48.97.
About Corning
(
Get Free Report)
Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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