Corning (NYSE:GLW) Shares Gap Up to $31.78

Shares of Corning Incorporated (NYSE:GLW - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $31.78, but opened at $33.12. Corning shares last traded at $33.97, with a volume of 2,667,548 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Barclays upped their price target on shares of Corning from $28.00 to $35.00 and gave the company an "equal weight" rating in a research note on Wednesday, January 31st. UBS Group increased their price objective on shares of Corning from $34.00 to $35.00 and gave the stock a "neutral" rating in a research note on Monday, April 8th. JPMorgan Chase & Co. increased their price objective on shares of Corning from $34.00 to $36.00 and gave the stock a "neutral" rating in a research note on Thursday, April 11th. Morgan Stanley reiterated an "overweight" rating and set a $35.00 price objective on shares of Corning in a research note on Monday, April 22nd. Finally, HSBC cut shares of Corning from a "hold" rating to a "reduce" rating and set a $29.00 target price for the company. in a report on Thursday, February 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. According to MarketBeat.com, Corning has a consensus rating of "Hold" and an average target price of $34.78.

Corning Price Performance

The business's fifty day moving average price is $32.27 and its 200 day moving average price is $30.49. The stock has a market cap of $28.55 billion, a P/E ratio of 49.73, a PEG ratio of 1.73 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.39. The business 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%. The firm's quarterly revenue was down 12.1% on a year-over-year basis. During the same quarter last year, the business earned $0.47 EPS. Sell-side analysts forecast that Corning Incorporated will post 1.87 EPS for the current fiscal 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. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.36%. Corning's dividend payout ratio (DPR) is presently 167.16%.

Insider Activity at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm's stock in a transaction that occurred on Thursday, March 21st. The shares were 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 owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.45% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. HB Wealth Management LLC raised its holdings in Corning by 7.1% during the 1st quarter. HB Wealth Management LLC now owns 10,570 shares of the electronics maker's stock worth $348,000 after purchasing an additional 699 shares during the last quarter. Mitchell Sinkler & Starr PA grew its position in shares of Corning by 37.0% during the 1st quarter. Mitchell Sinkler & Starr PA now owns 15,750 shares of the electronics maker's stock worth $519,000 after buying an additional 4,250 shares during the period. Joel Isaacson & Co. LLC acquired a new stake in shares of Corning during the 1st quarter worth approximately $641,000. Vest Financial LLC acquired a new stake in shares of Corning during the 1st quarter worth approximately $339,000. Finally, Perigon Wealth Management LLC acquired a new stake in shares of Corning during the 1st quarter worth approximately $230,000. Institutional investors own 69.80% of the company's stock.

About Corning

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.