Corning Incorporated (NYSE:GLW)‘s stock had its “hold” rating restated by research analysts at Stifel Nicolaus in a research note issued on Wednesday. They presently have a $28.00 price objective on the electronics maker’s stock. Stifel Nicolaus’ price target would suggest a potential upside of 3.28% from the company’s current price.
Other research analysts have also recently issued reports about the company. Deutsche Bank AG raised their price objective on Corning from $26.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, January 18th. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a research note on Tuesday, January 10th. Guggenheim started coverage on Corning in a research note on Wednesday, January 4th. They issued a “buy” rating and a $28.00 price objective for the company. Jefferies Group LLC raised their price objective on Corning from $21.00 to $24.50 and gave the stock a “hold” rating in a research note on Wednesday, January 25th. Finally, Wells Fargo & Co started coverage on Corning in a research note on Wednesday, December 21st. They issued a “market perform” rating for the company. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $26.13.
Shares of Corning (NYSE:GLW) opened at 27.11 on Wednesday. Corning has a 12-month low of $18.21 and a 12-month high of $28.36. The company has a 50-day moving average price of $27.18 and a 200 day moving average price of $25.32. The company has a market capitalization of $25.16 billion, a P/E ratio of 8.39 and a beta of 1.36.
Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, January 24th. The electronics maker reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.06. Corning had a return on equity of 10.90% and a net margin of 39.35%. The firm earned $2.55 billion during the quarter, compared to analysts’ expectations of $2.49 billion. During the same period last year, the business posted $0.34 earnings per share. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. On average, equities analysts anticipate that Corning will post $1.69 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 31st. Shareholders of record on Tuesday, February 28th were issued a $0.155 dividend. This is a positive change from Corning’s previous quarterly dividend of $0.14. This represents a $0.62 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend was Friday, February 24th. Corning’s dividend payout ratio (DPR) is presently 16.67%.
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In other Corning news, CEO Wendell P. Weeks sold 130,667 shares of the firm’s stock in a transaction that occurred on Tuesday, January 31st. The stock was sold at an average price of $26.40, for a total value of $3,449,608.80. Following the sale, the chief executive officer now directly owns 65,333 shares of the company’s stock, valued at $1,724,791.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Christine M. Pambianchi sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 16th. The shares were sold at an average price of $27.68, for a total value of $27,680.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 694,809 shares of company stock worth $18,871,745. 0.60% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. Wall Street Access Asset Management LLC acquired a new stake in shares of Corning during the fourth quarter valued at approximately $109,000. Rowland & Co. Investment Counsel ADV acquired a new stake in shares of Corning during the third quarter valued at approximately $111,000. Pinnacle Bank acquired a new stake in shares of Corning during the first quarter valued at approximately $136,000. Carroll Financial Associates Inc. raised its stake in shares of Corning by 8.0% in the first quarter. Carroll Financial Associates Inc. now owns 5,556 shares of the electronics maker’s stock valued at $150,000 after buying an additional 413 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV acquired a new stake in shares of Corning during the fourth quarter valued at approximately $166,000. 76.84% of the stock is currently owned by institutional investors.
Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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