Corning Incorporated (NYSE:GLW) has received a consensus rating of "Buy" from the twelve brokerages that are presently covering the stock, Marketbeat reports. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $40.50.
Several research analysts have weighed in on the company. TheStreet upgraded Corning from a "c+" rating to a "b-" rating in a research note on Friday, December 18th. Barclays upgraded Corning from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $31.00 to $44.00 in a research note on Thursday, January 14th. JPMorgan Chase & Co. downgraded Corning from an "overweight" rating to a "neutral" rating and set a $39.00 price target for the company. in a research note on Friday, December 11th. Argus upped their price target on Corning from $42.00 to $54.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Oppenheimer upgraded Corning from a "market perform" rating to an "outperform" rating and set a $45.00 price target for the company in a research note on Thursday, January 28th.
In related news, VP Michael Alan Bell sold 13,320 shares of the stock in a transaction on Monday, April 5th. The stock was sold at an average price of $45.48, for a total transaction of $605,793.60. Following the sale, the vice president now owns 13,320 shares in the company, valued at approximately $605,793.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Lawrence D. Mcrae sold 66,683 shares of the stock in a transaction on Friday, March 12th. The shares were sold at an average price of $40.15, for a total value of $2,677,322.45. Following the sale, the insider now owns 185,827 shares in the company, valued at approximately $7,460,954.05. The disclosure for this sale can be found here. Insiders have sold a total of 316,816 shares of company stock valued at $12,412,491 over the last quarter. Corporate insiders own 0.47% of the company's stock.
A number of large investors have recently added to or reduced their stakes in GLW. Eudaimonia Partners LLC raised its holdings in Corning by 21.2% during the 3rd quarter. Eudaimonia Partners LLC now owns 1,600 shares of the electronics maker's stock valued at $25,000 after buying an additional 280 shares during the period. SOA Wealth Advisors LLC. purchased a new stake in Corning in the fourth quarter worth $25,000. Hoover Financial Advisors Inc. purchased a new stake in Corning in the fourth quarter worth $27,000. Financial Avengers Inc. purchased a new stake in Corning in the fourth quarter worth $29,000. Finally, ELM Advisors LLC purchased a new stake in Corning in the fourth quarter worth $30,000. Institutional investors own 74.33% of the company's stock.
Corning stock opened at $44.29 on Thursday. The firm has a 50 day moving average of $40.33 and a 200 day moving average of $36.84. The firm has a market capitalization of $34.07 billion, a price-to-earnings ratio of 221.45, a P/E/G ratio of 9.93 and a beta of 1.16. Corning has a 12-month low of $18.82 and a 12-month high of $45.84. The company has a current ratio of 2.09, a quick ratio of 1.42 and a debt-to-equity ratio of 0.74.
Corning (NYSE:GLW) last released its earnings results on Wednesday, January 27th. The electronics maker reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters' consensus estimate of $0.48 by $0.04. The company had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.18 billion. Corning had a net margin of 2.71% and a return on equity of 11.50%. The firm's quarterly revenue was up 18.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.46 EPS. On average, analysts predict that Corning will post 1.36 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, March 30th. Stockholders of record on Friday, February 26th were given a dividend of $0.24 per share. This is an increase from Corning's previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date was Thursday, February 25th. Corning's dividend payout ratio is currently 54.55%.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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