Corning (NYSE:GLW) Price Target Raised to $36.00 at JPMorgan Chase & Co.

Corning (NYSE:GLW - Free Report) had its price target boosted by JPMorgan Chase & Co. from $34.00 to $36.00 in a report published on Thursday, Benzinga reports. They currently have a neutral rating on the electronics maker's stock.

A number of other research firms have also weighed in on GLW. Barclays raised their price objective on Corning from $28.00 to $35.00 and gave the company an equal weight rating in a research report on Wednesday, January 31st. Susquehanna reaffirmed a positive rating and issued a $40.00 price target on shares of Corning in a research report on Monday, April 1st. UBS Group raised their price objective on shares of Corning from $34.00 to $35.00 and gave the company a neutral rating in a research note on Monday. HSBC cut shares of Corning from a hold rating to a reduce rating and set a $29.00 price target on the stock. in a report on Thursday, February 1st. Finally, StockNews.com raised Corning from a sell rating to a hold rating in a report on Monday, April 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $34.56.

Corning Stock Up 1.0 %

Corning stock traded up $0.32 on Thursday, hitting $32.27. 5,980,923 shares of the stock traded hands, compared to its average volume of 4,777,055. Corning has a 1 year low of $25.26 and a 1 year high of $36.01. The firm has a market cap of $27.60 billion, a P/E ratio of 48.16, a price-to-earnings-growth ratio of 1.83 and a beta of 1.08. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The business's fifty day simple moving average is $32.41 and its 200 day simple moving average is $30.34.

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

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date was Wednesday, February 28th. Corning's payout ratio is 167.16%.

Insider Activity at Corning

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

Institutional Investors Weigh In On Corning

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GLW. Natixis Advisors L.P. raised its holdings in Corning by 5.9% during the third quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker's stock valued at $3,087,000 after acquiring an additional 5,616 shares during the period. KMG Fiduciary Partners LLC bought a new stake in Corning during the 4th quarter valued at approximately $1,199,000. HB Wealth Management LLC lifted its holdings in Corning by 24.2% in the 4th quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker's stock worth $301,000 after purchasing an additional 1,926 shares in the last quarter. SG Americas Securities LLC boosted its stake in Corning by 59.8% in the 4th quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker's stock worth $3,300,000 after purchasing an additional 40,564 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Corning by 6.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker's stock valued at $240,199,000 after buying an additional 490,638 shares in the last quarter. 69.80% of the stock is 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.