Corning (NYSE:GLW) PT Raised to $39.00 at Morgan Stanley

Corning (NYSE:GLW) had its price objective lifted by Morgan Stanley from $38.00 to $39.00 in a research note issued to investors on Tuesday, Benzinga reports. They currently have an equal weight rating on the electronics maker’s stock.

GLW has been the topic of several other reports. StockNews.com raised shares of Corning from a sell rating to a hold rating in a research note on Monday, April 1st. Susquehanna reissued a positive rating and issued a $40.00 price target on shares of Corning in a research note on Monday, April 1st. Bank of America raised their price objective on Corning from $38.00 to $42.00 and gave the company a buy rating in a research note on Friday, June 14th. Deutsche Bank Aktiengesellschaft boosted their target price on Corning from $35.00 to $39.00 and gave the company a hold rating in a research note on Wednesday, July 3rd. Finally, Fox Advisors upgraded Corning from an equal weight rating to an overweight rating and set a $45.00 price target on the stock in a research report on Monday, June 17th. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Hold and an average price target of $42.92.

Corning Stock Performance

Corning stock opened at $45.06 on Tuesday. Corning has a fifty-two week low of $25.26 and a fifty-two week high of $45.87. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The stock has a market cap of $38.60 billion, a P/E ratio of 63.46, a price-to-earnings-growth ratio of 1.69 and a beta of 1.05. The firm’s fifty day moving average price is $37.59 and its 200-day moving average price is $33.81.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter was down 11.5% on a year-over-year basis. During the same quarter last year, the business posted $0.41 earnings per share. On average, equities research analysts expect that Corning will post 1.94 earnings per share for the current fiscal year.

Corning Announces Dividend

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

Insider Transactions at Corning

In related news, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction 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 of the company’s stock, valued at $1,034,266.70. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the sale, the executive vice president now owns 31,294 shares in the company, valued at approximately $1,034,266.70. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction dated 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 of the company’s stock, valued at $2,326,950.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 175,207 shares of company stock valued at $5,876,067. Corporate insiders own 0.40% of the company’s stock.

Institutional Trading of Corning

Hedge funds and other institutional investors have recently made changes to their positions in the stock. WBH Advisory Inc. purchased a new stake in shares of Corning in the second quarter worth $202,000. Foresight Capital Management Advisors Inc. grew its position in Corning by 2.1% during the 2nd quarter. Foresight Capital Management Advisors Inc. now owns 76,483 shares of the electronics maker’s stock valued at $2,971,000 after purchasing an additional 1,587 shares during the last quarter. O Keefe Stevens Advisory Inc. increased its stake in Corning by 1.9% during the 2nd quarter. O Keefe Stevens Advisory Inc. now owns 307,470 shares of the electronics maker’s stock valued at $11,945,000 after purchasing an additional 5,670 shares in the last quarter. Simplicity Wealth LLC raised its holdings in Corning by 12.0% in the second quarter. Simplicity Wealth LLC now owns 11,186 shares of the electronics maker’s stock worth $435,000 after buying an additional 1,202 shares during the last quarter. Finally, Valeo Financial Advisors LLC lifted its stake in shares of Corning by 8.5% in the second quarter. Valeo Financial Advisors LLC now owns 8,002 shares of the electronics maker’s stock worth $311,000 after buying an additional 624 shares in the last quarter. Hedge funds and other institutional investors 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.