Corning (NYSE:GLW) Price Target Raised to $60.00

Corning (NYSE:GLW) had its target price increased by JPMorgan Chase & Co. from $55.00 to $60.00 in a research note released on Wednesday morning, Benzinga reports. They currently have an overweight rating on the electronics maker’s stock.

Other analysts have also issued reports about the stock. UBS Group upped their price target on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Argus boosted their price objective on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Barclays raised their target price on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday. Finally, Citigroup lifted their target price on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Stock Performance

Shares of NYSE GLW opened at $48.36 on Wednesday. The stock has a market cap of $41.38 billion, a price-to-earnings ratio of 284.47, a P/E/G ratio of 1.52 and a beta of 1.03. The stock’s 50-day moving average is $44.52 and its 200 day moving average is $40.33. 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 1-year low of $26.71 and a 1-year high of $51.03.

Corning (NYSE:GLW) last announced its quarterly earnings data 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. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the business posted $0.45 EPS. The business’s quarterly revenue was up 6.9% on a year-over-year basis. On average, sell-side analysts anticipate that Corning will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is currently 658.82%.

Institutional Investors Weigh In On Corning

Hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD raised its holdings in Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after acquiring an additional 4,464,893 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Corning by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock worth $401,826,000 after purchasing an additional 426,864 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Corning by 2.1% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker’s stock valued at $69,109,000 after acquiring an additional 42,832 shares during the period. Natixis boosted its holdings in shares of Corning by 2,405.2% during the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after acquiring an additional 1,735,638 shares during the last quarter. Finally, Raymond James & Associates grew its stake in shares of Corning by 2.6% in the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock worth $64,667,000 after acquiring an additional 42,818 shares during the period. 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.