Corning Incorporated (NYSE:GLW) Receives Average Recommendation of “Moderate Buy” from Analysts

Corning Incorporated (NYSE:GLW) has received an average rating of “Moderate Buy” from the fourteen ratings firms that are covering the company, MarketBeat Ratings reports. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $45.62.

Several equities analysts have issued reports on GLW shares. UBS Group lifted their price objective on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Bank of America reduced their price target on shares of Corning from $47.00 to $46.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. JPMorgan Chase & Co. boosted their target price on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Finally, Oppenheimer reissued an “outperform” rating and set a $47.00 price target (down from $50.00) on shares of Corning in a research note on Wednesday, July 31st.

Corning Stock Up 1.5 %

Shares of NYSE GLW opened at $42.50 on Monday. Corning has a 52-week low of $25.26 and a 52-week high of $46.39. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The business has a fifty day moving average of $41.84 and a two-hundred day moving average of $37.19. The stock has a market cap of $36.37 billion, a PE ratio of 59.86, a PEG ratio of 1.62 and a beta of 1.04.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.45 earnings per share. As a group, equities research analysts expect that Corning will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be issued a $0.28 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.64%. Corning’s dividend payout ratio (DPR) is 157.75%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Natixis Advisors L.P. raised its holdings in shares of Corning by 29.6% in the fourth quarter. Natixis Advisors L.P. now owns 131,323 shares of the electronics maker’s stock valued at $3,998,000 after purchasing an additional 30,001 shares during the last quarter. Principal Securities Inc. acquired a new stake in Corning in the 4th quarter valued at $125,000. Versor Investments LP bought a new stake in Corning during the 4th quarter worth about $442,000. AGF Management Ltd. boosted its stake in shares of Corning by 9.0% during the 4th quarter. AGF Management Ltd. now owns 101,051 shares of the electronics maker’s stock worth $3,077,000 after buying an additional 8,356 shares during the last quarter. Finally, Jump Financial LLC grew its holdings in shares of Corning by 821.9% in the 4th quarter. Jump Financial LLC now owns 110,886 shares of the electronics maker’s stock valued at $3,376,000 after acquiring an additional 98,858 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

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.