Corning (NYSE:GLW) Price Target Raised to $53.00

Corning (NYSE:GLW) had its target price lifted by Barclays from $40.00 to $53.00 in a research note released on Tuesday, Benzinga reports. They currently have an equal weight rating on the electronics maker’s stock.

A number of other equities research analysts have also issued reports on the company. Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 target price on shares of Corning in a research report on Friday, July 26th. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. JPMorgan Chase & Co. boosted their price target on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Finally, Susquehanna raised their price objective on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Stock Performance

NYSE:GLW opened at $47.59 on Tuesday. The company has a 50-day moving average of $44.40 and a 200-day moving average of $40.22. The firm has a market cap of $40.72 billion, a price-to-earnings ratio of 279.94, a price-to-earnings-growth ratio of 1.61 and a beta of 1.04. The company has a current ratio of 1.66, a quick ratio of 0.98 and a debt-to-equity ratio of 0.62. Corning has a twelve month low of $26.41 and a twelve month high of $51.03.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the firm posted $0.45 earnings per share. Analysts forecast that Corning will post 1.93 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is currently 658.82%.

Hedge Funds Weigh In On Corning

A number of hedge funds have recently added to or reduced their stakes in the company. Access Investment Management LLC bought a new stake in Corning in the first quarter worth approximately $28,000. City Holding Co. lifted its stake in shares of Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares during the last quarter. ESL Trust Services LLC bought a new stake in Corning in the first quarter worth $33,000. Accordant Advisory Group Inc acquired a new position in Corning during the second quarter worth $39,000. Finally, Global Trust Asset Management LLC raised its holdings in Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after buying an additional 900 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

About Corning

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.