Bank of America Raises Corning (NYSE:GLW) Price Target to $42.00

Corning (NYSE:GLW) had its target price increased by Bank of America from $38.00 to $42.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have a buy rating on the electronics maker’s stock.

A number of other equities research analysts have also recently weighed in on GLW. StockNews.com raised shares of Corning from a sell rating to a hold rating in a research report on Monday, April 1st. Susquehanna reissued a positive rating and issued a $40.00 target price on shares of Corning in a research report on Monday, April 1st. UBS Group lifted their price target on Corning from $35.00 to $38.00 and gave the stock a neutral rating in a research report on Thursday, May 30th. Morgan Stanley downgraded Corning from an overweight rating to an equal weight rating and increased their price objective for the company from $35.00 to $38.00 in a report on Thursday, June 13th. Finally, Mizuho started coverage on shares of Corning in a research report on Tuesday, May 7th. They set a neutral rating and a $36.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Corning presently has an average rating of Hold and an average target price of $37.42.

Corning Stock Up 4.0 %

Shares of NYSE GLW opened at $38.75 on Friday. The business has a 50-day moving average of $34.53 and a two-hundred day moving average of $32.50. The company has a market capitalization of $33.19 billion, a price-to-earnings ratio of 54.57, a price-to-earnings-growth ratio of 1.69 and a beta of 1.08. Corning has a 1 year low of $25.26 and a 1 year high of $39.15. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter in the previous year, the business earned $0.41 earnings per share. The firm’s revenue was down 11.5% compared to the same quarter last year. On average, analysts forecast that Corning will post 1.9 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, June 27th. Investors of record on Friday, May 31st will be given a dividend of $0.28 per share. The ex-dividend date is Friday, May 31st. This represents a $1.12 annualized dividend and a dividend yield of 2.89%. Corning’s dividend payout ratio is currently 157.75%.

Insider Activity at Corning

In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the transaction, the vice president now owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, VP Jeffrey W. Evenson sold 12,830 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the sale, the vice president now owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the transaction, the vice president now directly owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 252,671 shares of company stock valued at $8,450,971. 0.45% of the stock is owned by corporate insiders.

Institutional Trading of Corning

A number of hedge funds have recently bought and sold shares of the company. Alaska Permanent Fund Corp boosted its holdings in shares of Corning by 0.4% during the first quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock worth $2,754,000 after purchasing an additional 329 shares during the last quarter. Level Four Advisory Services LLC increased its stake in shares of Corning by 3.8% during the 4th quarter. Level Four Advisory Services LLC now owns 9,411 shares of the electronics maker’s stock valued at $287,000 after acquiring an additional 343 shares during the last quarter. Madison Asset Management LLC lifted its holdings in shares of Corning by 0.7% during the 4th quarter. Madison Asset Management LLC now owns 53,113 shares of the electronics maker’s stock worth $1,617,000 after acquiring an additional 349 shares during the period. Patron Partners LLC boosted its position in shares of Corning by 2.4% in the first quarter. Patron Partners LLC now owns 14,761 shares of the electronics maker’s stock worth $487,000 after acquiring an additional 349 shares during the last quarter. Finally, First Trust Direct Indexing L.P. grew its holdings in Corning by 4.1% in the first quarter. First Trust Direct Indexing L.P. now owns 9,206 shares of the electronics maker’s stock valued at $303,000 after purchasing an additional 361 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Company Profile

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.