Corning (NYSE:GLW) Lifted to Hold at Hsbc Global Res

Hsbc Global Res upgraded shares of Corning (NYSE:GLW) from a moderate sell rating to a hold rating in a research note published on Tuesday morning, Zacks.com reports.

Several other equities research analysts also recently issued reports on the company. JPMorgan Chase & Co. upgraded 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. Fox Advisors upgraded Corning from an equal weight rating to an overweight rating and set a $45.00 price objective on the stock in a report on Monday, June 17th. Bank of America lifted their price objective on Corning from $38.00 to $42.00 and gave the stock a buy rating in a report on Friday, June 14th. Morgan Stanley lifted their price objective on Corning from $38.00 to $39.00 and gave the stock an equal weight rating in a report on Tuesday. Finally, StockNews.com upgraded Corning from a sell rating to a hold rating in a report on Monday, April 1st. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $42.92.

Corning Stock Performance

NYSE GLW opened at $45.06 on Tuesday. The firm has a market capitalization of $38.60 billion, a P/E ratio of 63.46, a P/E/G ratio of 1.69 and a beta of 1.05. Corning has a 1-year low of $25.26 and a 1-year high of $45.87. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. The business’s 50-day simple moving average is $37.59 and its 200-day simple moving average is $33.81.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. The business had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company’s revenue was down 11.5% on a year-over-year basis. During the same period last year, the business posted $0.41 EPS. Equities analysts predict that Corning will post 1.94 EPS for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a dividend of $0.28 per share. The ex-dividend date is Thursday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 2.49%. Corning’s dividend payout ratio is currently 157.75%.

Insider Activity at Corning

In related news, VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was 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 owns 70,110 shares in the company, valued at approximately $2,326,950.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction on Monday, May 6th. The stock was 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 owns 70,110 shares in the company, valued at approximately $2,326,950.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total value of $479,713.70. Following the transaction, the vice president now owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The disclosure for this sale can be found here. Insiders sold 175,207 shares of company stock worth $5,876,067 in the last 90 days. 0.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corning

Institutional investors and hedge funds have recently bought and sold shares of the business. Access Investment Management LLC bought a new stake in shares of Corning in the 1st quarter worth approximately $28,000. Cape Investment Advisory Inc. increased its holdings in shares of Corning by 800.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after buying an additional 800 shares in the last quarter. Future Financial Wealth Managment LLC bought a new stake in shares of Corning during the 1st quarter worth $33,000. Register Financial Advisors LLC bought a new stake in shares of Corning during the 1st quarter worth $33,000. Finally, ESL Trust Services LLC bought a new stake in shares of Corning during the 1st quarter worth $33,000. 69.80% of the stock is owned by institutional investors and hedge funds.

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.