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.
Wall Street Analyst Weigh In
A number of analysts recently weighed in on GLW shares. Morgan Stanley reaffirmed a "hold" rating and issued a $40.00 price objective on shares of Corning in a research note on Thursday, April 14th. Susquehanna Bancshares lowered their price objective on shares of Corning from $48.00 to $46.00 and set a "positive" rating for the company in a research note on Wednesday, July 27th. JPMorgan Chase & Co. lowered their price objective on shares of Corning from $45.00 to $41.00 and set an "overweight" rating for the company in a research note on Thursday, July 14th. Citigroup downgraded shares of Corning from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $46.00 to $37.00 in a report on Monday, May 23rd. Finally, UBS Group reduced their target price on shares of Corning to $40.00 and set an "outperform" rating for the company in a report on Wednesday, July 27th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $42.80.
Corning Stock Performance
NYSE:GLW traded down $0.69 during midday trading on Friday, hitting $35.80. The company's stock had a trading volume of 4,652,525 shares, compared to its average volume of 4,388,775. Corning has a fifty-two week low of $30.63 and a fifty-two week high of $43.47. The firm's 50 day moving average is $33.78 and its 200-day moving average is $36.17. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.43 and a quick ratio of 0.91. The firm has a market cap of $30.26 billion, a P/E ratio of 15.36, a P/E/G ratio of 2.47 and a beta of 0.99.
Corning (NYSE:GLW - Get Rating) last issued its quarterly earnings results on Tuesday, July 26th. The electronics maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a net margin of 13.73% and a return on equity of 15.38%. The company had revenue of $3.76 billion for the quarter, compared to the consensus estimate of $3.79 billion. During the same quarter in the prior year, the company earned $0.53 EPS. Corning's quarterly revenue was up 7.4% on a year-over-year basis. Equities analysts anticipate that Corning will post 2.23 earnings per share for the current fiscal year.
Corning Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, August 31st will be issued a $0.27 dividend. The ex-dividend date of this dividend is Tuesday, August 30th. This represents a $1.08 annualized dividend and a yield of 3.02%. Corning's dividend payout ratio (DPR) is presently 46.35%.
Insider Buying and Selling
In other Corning news, SVP John P. Bayne, Jr. sold 5,575 shares of the company's stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $36.70, for a total value of $204,602.50. Following the sale, the senior vice president now owns 7,345 shares in the company, valued at approximately $269,561.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.36% of the stock is owned by corporate insiders.
