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.
Analysts Set New Price Targets
Several research analysts recently issued reports on the stock. StockNews.com lowered shares of Corning from a "buy" rating to a "hold" rating in a research note on Monday, August 1st. Barclays lowered shares of Corning from an "overweight" rating to an "equal weight" rating and cut their target price for the stock from $53.00 to $38.00 in a research note on Wednesday, May 11th. JPMorgan Chase & Co. cut their target price on shares of Corning from $45.00 to $41.00 and set an "overweight" rating on the stock in a research note on Thursday, July 14th. UBS Group cut their target price on shares of Corning to $40.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 27th. Finally, Susquehanna Bancshares cut their target price on shares of Corning from $48.00 to $46.00 and set a "positive" rating on the stock in a research note on Wednesday, July 27th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, Corning currently has a consensus rating of "Moderate Buy" and a consensus target price of $42.80.
Corning Stock Down 1.9 %
GLW opened at $35.80 on Friday. 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 company's 50-day moving average is $33.78 and its 200 day moving average is $36.16. Corning has a fifty-two week low of $30.63 and a fifty-two week high of $43.47. The firm has a market capitalization of $30.26 billion, a P/E ratio of 15.36, a PEG ratio of 2.52 and a beta of 0.99.
Corning (NYSE:GLW - Get Rating) last released its quarterly earnings results on Tuesday, July 26th. The electronics maker reported $0.57 earnings per share for the quarter, beating analysts' consensus estimates 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 analyst estimates of $3.79 billion. During the same period last year, the firm earned $0.53 earnings per share. The firm's revenue was up 7.4% on a year-over-year basis. Research analysts expect that Corning will post 2.23 earnings per share for the current fiscal year.
Corning Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, August 31st will be issued a dividend of $0.27 per share. The ex-dividend date is Tuesday, August 30th. This represents a $1.08 dividend on an annualized basis and a yield of 3.02%. Corning's dividend payout ratio (DPR) is presently 46.35%.
Insider Buying and Selling
In related news, SVP John P. Bayne, Jr. sold 5,575 shares of the firm's stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $36.70, for a total transaction of $204,602.50. Following the completion of the sale, the senior vice president now owns 7,345 shares in the company, valued at $269,561.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.36% of the stock is currently owned by corporate insiders.
