Corning (NYSE:GLW) Price Target Raised to $48.00

Corning (NYSE:GLW) had its price objective upped by Morgan Stanley from $39.00 to $48.00 in a report published on Tuesday,Benzinga reports. They currently have an equal weight rating on the electronics maker’s stock.

Other research analysts have also issued research reports about the stock. Bank of America lifted their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft raised their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. UBS Group boosted their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. raised their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $50.77.

Corning Price Performance

GLW opened at $47.06 on Tuesday. The company has a fifty day moving average price of $47.73 and a two-hundred day moving average price of $43.67. The firm has a market capitalization of $40.29 billion, a PE ratio of 276.82, a P/E/G ratio of 1.54 and a beta of 1.03. Corning has a 52 week low of $29.71 and a 52 week high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the company posted $0.45 earnings per share. The firm’s revenue was up 6.9% on a year-over-year basis. As a group, analysts anticipate that Corning will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 15th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date was Friday, November 15th. Corning’s dividend payout ratio is presently 658.82%.

Insider Activity at Corning

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Brookstone Capital Management acquired a new stake in Corning during the second quarter worth approximately $178,000. Raymond James Financial Services Advisors Inc. boosted its stake in Corning by 13.2% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 281,196 shares of the electronics maker’s stock valued at $10,924,000 after purchasing an additional 32,825 shares during the period. Dakota Wealth Management acquired a new position in Corning in the 2nd quarter valued at $424,000. Focus Financial Network Inc. acquired a new position in Corning in the 2nd quarter valued at $399,000. Finally, Fifth Third Bancorp increased its position in Corning by 0.4% during the 2nd quarter. Fifth Third Bancorp now owns 75,590 shares of the electronics maker’s stock worth $2,937,000 after buying an additional 330 shares during the period. 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.