Corning (NYSE:GLW) Downgraded to “Hold” at ValuEngine

ValuEngine cut shares of Corning (NYSE:GLW) from a buy rating to a hold rating in a research note issued to investors on Thursday morning, ValuEngine reports.

Several other brokerages have also recently issued reports on GLW. Bank of America reissued a buy rating and issued a $105.00 price objective (up from $100.00) on shares of Zendesk in a research note on Wednesday, May 1st. Zacks Investment Research cut shares of Hersha Hospitality Trust from a buy rating to a hold rating in a research note on Thursday, May 2nd. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $36.33.

Shares of Corning stock opened at $33.01 on Thursday. The firm has a fifty day simple moving average of $31.65. The firm has a market cap of $25.90 billion, a PE ratio of 18.54, a price-to-earnings-growth ratio of 1.54 and a beta of 1.20. Corning has a 12 month low of $27.67 and a 12 month high of $36.56. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.53.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 30th. The electronics maker reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.01. The business had revenue of $2.81 billion for the quarter, compared to analysts’ expectations of $2.81 billion. Corning had a net margin of 18.57% and a return on equity of 15.02%. The company’s quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.31 EPS. On average, equities analysts expect that Corning will post 1.95 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, May 31st were given a $0.20 dividend. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $0.80 annualized dividend and a dividend yield of 2.42%. Corning’s dividend payout ratio is presently 44.94%.

In related news, VP Christine M. Pambianchi sold 194,960 shares of the business’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $31.84, for a total value of $6,207,526.40. Following the sale, the vice president now directly owns 66,369 shares in the company, valued at approximately $2,113,188.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.46% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in the stock. United Services Automobile Association increased its position in Corning by 0.7% during the 4th quarter. United Services Automobile Association now owns 301,221 shares of the electronics maker’s stock worth $9,100,000 after purchasing an additional 2,228 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Corning by 2.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,417,196 shares of the electronics maker’s stock worth $254,263,000 after purchasing an additional 190,145 shares during the last quarter. Natixis Advisors L.P. lifted its stake in Corning by 27.2% during the fourth quarter. Natixis Advisors L.P. now owns 44,653 shares of the electronics maker’s stock worth $1,348,000 after purchasing an additional 9,546 shares during the last quarter. Stifel Financial Corp lifted its stake in Corning by 3.8% during the fourth quarter. Stifel Financial Corp now owns 565,632 shares of the electronics maker’s stock worth $17,077,000 after purchasing an additional 20,589 shares during the last quarter. Finally, Brown Advisory Securities LLC bought a new position in Corning during the fourth quarter worth $202,000. 70.56% of the stock is owned by hedge funds and other institutional investors.

Corning Company Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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Analyst Recommendations for Corning (NYSE:GLW)

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