Corning Incorporated (NYSE:GLW) Given Consensus Recommendation of “Hold” by Analysts

Corning Incorporated (NYSE:GLW) has earned an average recommendation of “Hold” from the twelve brokerages that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and six have given a buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $38.67.

A number of analysts have commented on the company. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. JPMorgan Chase & Co. raised Corning from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $37.00 to $43.00 in a report on Thursday, May 30th. UBS Group lifted their price objective on Corning from $35.00 to $38.00 and gave the stock a “neutral” rating in a report on Thursday, May 30th. Citigroup lifted their price objective on Corning from $38.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, June 21st. Finally, Susquehanna reissued a “positive” rating and set a $40.00 price target on shares of Corning in a report on Monday, April 1st.

Insiders Place Their Bets

In other Corning news, SVP John Z. Zhang sold 12,546 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the sale, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at $379,484.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Corning news, SVP John Z. Zhang sold 12,546 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the sale, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at $379,484.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the sale, the executive vice president now directly owns 31,294 shares in the company, valued at $1,034,266.70. The disclosure for this sale can be found here. Insiders have sold 175,207 shares of company stock valued at $5,876,067 over the last ninety days. 0.45% of the stock is owned by insiders.

Institutional Inflows and Outflows

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

Corning Stock Down 0.7 %

Shares of NYSE:GLW opened at $38.39 on Wednesday. The stock has a fifty day simple moving average of $36.11 and a two-hundred day simple moving average of $33.22. The stock has a market capitalization of $32.88 billion, a price-to-earnings ratio of 54.06, a PEG ratio of 1.77 and a beta of 1.05. Corning has a 12-month low of $25.26 and a 12-month high of $40.46. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The business had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.41 EPS. On average, research analysts anticipate that Corning will post 1.9 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a $0.28 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.92%. Corning’s dividend payout ratio is currently 157.75%.

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.