Corning - GLW Stock Forecast, Price & News

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. Its Optical Communications segment provides optical fibers and cables; and hardware and equipment products, including cable assemblies, fiber optic hardware and connectors, optical components and couplers, closures, network interface devices, and other accessories. This segment also offers its products to businesses, governments, and individuals. Its Specialty Materials segment manufactures products that provide material formulations for glass, glass ceramics, crystals, precision metrology instruments, software; as well as ultra-thin and ultra-flat glass wafers, substrates, tinted sunglasses, and radiation shielding products. This segment serves various industries, including mobile consumer electronics, semiconductor equipment optics and consumables; aerospace and defense optics; radiation shielding products, sunglasses, and telecommunications components. The company's Environmental Technologies segment offers ceramic substrates and filter products for emissions control in mobile, gasoline, and diesel applications. The company's Life Sciences segment offers laboratory products comprising consumables, such as plastic vessels, liquid handling plastics, specialty surfaces, cell culture media, and serum, as well as general labware and equipment under the Corning, Falcon, Pyrex, and Axygen brands. The company was formerly known as Corning Glass Works and changed its name to Corning Incorporated in April 1989. Corning Incorporated was founded in 1851 and is headquartered in Corning, New York.

Corning Stock Down 0.9 %

Shares of Corning stock traded down $0.32 during midday trading on Monday, reaching $37.22. 188,138 shares of the company's stock traded hands, compared to its average volume of 5,016,506. The company has a market cap of $31.46 billion, a price-to-earnings ratio of 15.99, a price-to-earnings-growth ratio of 2.59 and a beta of 0.99. Corning has a 52 week low of $30.63 and a 52 week high of $43.47. The company's 50 day simple moving average is $33.85 and its 200 day simple moving average is $36.15. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.91 and a current ratio of 1.43.

Corning (NYSE:GLW - Get Rating) last announced its quarterly earnings results on Tuesday, July 26th. The electronics maker reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates of $0.56 by $0.01. The company had revenue of $3.76 billion during the quarter, compared to analysts' expectations of $3.79 billion. Corning had a return on equity of 15.38% and a net margin of 13.73%. The business's quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.53 earnings per share. Equities analysts expect that Corning will post 2.23 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Wednesday, August 31st will be given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date is Tuesday, August 30th. Corning's dividend payout ratio is 46.35%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on GLW shares. StockNews.com cut shares of Corning from a "buy" rating to a "hold" rating in a research report on Monday, August 1st. Susquehanna Bancshares dropped their price target on Corning from $48.00 to $46.00 and set a "positive" rating on the stock in a research report on Wednesday, July 27th. Citigroup lowered Corning from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $46.00 to $37.00 in a research report on Monday, May 23rd. JPMorgan Chase & Co. dropped their target price on Corning from $45.00 to $41.00 and set an "overweight" rating on the stock in a report on Thursday, July 14th. Finally, UBS Group decreased their price target on shares of Corning to $40.00 and set an "outperform" rating for the company in a report on Wednesday, July 27th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $42.80.

Insider Buying and Selling

In related news, SVP John P. Bayne, Jr. sold 5,575 shares of Corning stock in a transaction on Monday, August 1st. The shares were sold at an average price of $36.70, for a total value of $204,602.50. Following the transaction, the senior vice president now owns 7,345 shares in the company, valued at approximately $269,561.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.36% of the stock is owned by insiders.