Mizuho Forecasts Strong Price Appreciation for Corning (NYSE:GLW) Stock

Key Points

• Mizuho raised Corning's price target from $63.00 to $74.00, indicating a potential upside of 14.27% from the current stock price.
• Corning's current average rating is a "Moderate Buy" with 10 analysts issuing buy ratings and a price target average of $65.17.
• The electronics maker reported earnings of $0.60 per share for the last quarter, exceeding analysts' expectations of $0.57.

Corning (NYSE:GLW - Free Report) had its price target boosted by Mizuho from $63.00 to $74.00 in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has an outperform rating on the electronics maker's stock.

A number of other research analysts also recently weighed in on GLW. JPMorgan Chase & Co. raised their price target on shares of Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Barclays raised their price target on shares of Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Citigroup raised their price target on shares of Corning from $52.00 to $60.00 and gave the company a "buy" rating in a report on Friday, July 11th. Susquehanna restated a "positive" rating and set a $75.00 price target (up previously from $60.00) on shares of Corning in a report on Wednesday, July 30th. Finally, Wolfe Research began coverage on shares of Corning in a report on Tuesday, July 8th. They set an "outperform" rating on the stock. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $65.17.

Corning Stock Up 1.7%

GLW stock traded up $1.08 during midday trading on Friday, reaching $65.84. The company had a trading volume of 4,372,071 shares, compared to its average volume of 5,910,031. Corning has a 1 year low of $37.31 and a 1 year high of $66.50. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $56.40 billion, a P/E ratio of 70.04, a PEG ratio of 1.48 and a beta of 1.08. The company has a 50 day moving average of $54.21 and a two-hundred day moving average of $49.62.

Corning (NYSE:GLW - Get Free Report) last released its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The company had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.84 billion. During the same quarter in the prior year, the firm earned $0.47 EPS. On average, equities research analysts expect that Corning will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio (DPR) is currently 119.15%.

Insider Buying and Selling

In other Corning news, COO Avery H. Nelson III sold 36,240 shares of the firm's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total value of $2,256,302.40. Following the sale, the chief operating officer directly owned 64,838 shares in the company, valued at $4,036,813.88. This trade represents a 35.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Edward A. Schlesinger sold 14,082 shares of the firm's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.28, for a total transaction of $877,026.96. Following the completion of the sale, the chief financial officer owned 78,316 shares in the company, valued at $4,877,520.48. This represents a 15.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 219,484 shares of company stock worth $13,189,084. 0.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Corning

Several institutional investors have recently made changes to their positions in the business. Rockefeller Capital Management L.P. boosted its position in shares of Corning by 7.1% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 414,671 shares of the electronics maker's stock valued at $21,808,000 after acquiring an additional 27,348 shares in the last quarter. Citizens Financial Group Inc. RI boosted its position in Corning by 12.9% in the second quarter. Citizens Financial Group Inc. RI now owns 10,242 shares of the electronics maker's stock valued at $539,000 after buying an additional 1,167 shares in the last quarter. Avantax Advisory Services Inc. boosted its position in Corning by 11.5% in the second quarter. Avantax Advisory Services Inc. now owns 149,693 shares of the electronics maker's stock valued at $7,872,000 after buying an additional 15,494 shares in the last quarter. Intech Investment Management LLC boosted its position in Corning by 89.6% in the second quarter. Intech Investment Management LLC now owns 400,282 shares of the electronics maker's stock valued at $21,051,000 after buying an additional 189,158 shares in the last quarter. Finally, Cetera Investment Advisers boosted its position in Corning by 4.8% in the second quarter. Cetera Investment Advisers now owns 227,536 shares of the electronics maker's stock valued at $11,966,000 after buying an additional 10,435 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Company Profile

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.