UBS Group Raises Corning (NYSE:GLW) Price Target to $35.00

Corning (NYSE:GLW - Free Report) had its target price upped by UBS Group from $34.00 to $35.00 in a research report report published on Monday morning, MarketBeat.com reports. They currently have a neutral rating on the electronics maker's stock.

A number of other research analysts also recently issued reports on the stock. Barclays boosted their price target on shares of Corning from $28.00 to $35.00 and gave the stock an equal weight rating in a research report on Wednesday, January 31st. HSBC downgraded Corning from a hold rating to a reduce rating and set a $29.00 price target for the company. in a report on Thursday, February 1st. Susquehanna restated a positive rating and set a $40.00 target price on shares of Corning in a research report on Monday, April 1st. Finally, StockNews.com raised Corning from a sell rating to a hold rating in a research note on Monday, April 1st. One analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of Hold and a consensus price target of $34.00.

Corning Price Performance

Shares of NYSE GLW traded down $0.34 during mid-day trading on Monday, hitting $32.20. 4,923,705 shares of the stock traded hands, compared to its average volume of 4,774,662. Corning has a twelve month low of $25.26 and a twelve month high of $36.01. The firm has a 50 day simple moving average of $32.44 and a two-hundred day simple moving average of $30.32. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The company has a market cap of $27.54 billion, a PE ratio of 48.06, a price-to-earnings-growth ratio of 1.85 and a beta of 1.08.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The firm had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter last year, the firm earned $0.47 earnings per share. The company's revenue for the quarter was down 12.1% on a year-over-year basis. As a group, equities research analysts forecast that Corning will post 1.86 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.48%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning's dividend payout ratio is presently 167.16%.

Insider Buying and Selling

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the transaction, the insider now directly owns 215,254 shares of the company's stock, valued at $7,155,042.96. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.45% of the stock is currently owned by corporate insiders.

Institutional Trading of Corning

A number of institutional investors have recently modified their holdings of GLW. Peoples Bank KS bought a new position in shares of Corning in the third quarter worth $25,000. OFI Invest Asset Management bought a new position in Corning in the 3rd quarter worth about $25,000. Janiczek Wealth Management LLC grew its holdings in Corning by 173.6% during the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker's stock valued at $27,000 after buying an additional 571 shares in the last quarter. Cape Investment Advisory Inc. increased its position in shares of Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker's stock valued at $27,000 after buying an additional 800 shares during the period. Finally, Pacifica Partners Inc. bought a new position in shares of Corning in the third quarter valued at approximately $28,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

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.