Corning (NYSE:GLW) Research Coverage Started at StockNews.com

StockNews.com began coverage on shares of Corning (NYSE:GLW – Get Rating) in a research note issued to investors on Thursday. The firm issued a hold rating on the electronics maker’s stock.

A number of other equities research analysts have also weighed in on the stock. UBS Group boosted their price objective on shares of Corning from $37.00 to $40.00 and gave the company a buy rating in a report on Wednesday, January 11th. Credit Suisse Group dropped their price objective on shares of Corning from $41.00 to $40.00 and set an outperform rating on the stock in a report on Wednesday, February 1st. JPMorgan Chase & Co. dropped their price objective on shares of Corning from $44.00 to $40.00 and set an overweight rating on the stock in a report on Tuesday, December 20th. Susquehanna boosted their price objective on shares of Corning from $39.00 to $40.00 and gave the company a positive rating in a report on Thursday, February 2nd. Finally, Morgan Stanley dropped their price objective on shares of Corning from $36.00 to $35.00 and set an equal weight rating on the stock in a report on Tuesday, December 13th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $37.78.

Corning Price Performance

NYSE:GLW opened at $32.82 on Thursday. Corning has a 52 week low of $28.98 and a 52 week high of $38.71. The company has a quick ratio of 0.88, a current ratio of 1.44 and a debt-to-equity ratio of 0.54. The business’s 50-day simple moving average is $35.10 and its two-hundred day simple moving average is $33.35. The stock has a market cap of $27.78 billion, a PE ratio of 21.31, a P/E/G ratio of 2.29 and a beta of 1.07.

Corning (NYSE:GLW – Get Rating) last announced its earnings results on Tuesday, January 31st. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.03. The business had revenue of $3.63 billion during the quarter, compared to analyst estimates of $3.54 billion. Corning had a return on equity of 14.82% and a net margin of 9.27%. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.54 earnings per share. As a group, analysts forecast that Corning will post 1.96 EPS for the current fiscal year.

Corning Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 30th. Investors of record on Tuesday, February 28th will be given a dividend of $0.28 per share. The ex-dividend date is Monday, February 27th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.41%. This is a boost from Corning’s previous quarterly dividend of $0.27. Corning’s dividend payout ratio (DPR) is presently 72.73%.

Insider Buying and Selling

In related news, VP John Z. Zhang sold 4,655 shares of the stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $36.00, for a total transaction of $167,580.00. Following the completion of the transaction, the vice president now owns 5,744 shares of the company’s stock, valued at approximately $206,784. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP John Z. Zhang sold 4,655 shares of the stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $36.00, for a total transaction of $167,580.00. Following the completion of the transaction, the vice president now owns 5,744 shares of the company’s stock, valued at approximately $206,784. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Li Fang sold 19,909 shares of the firm’s stock in a transaction that occurred on Tuesday, March 7th. The shares were sold at an average price of $35.17, for a total transaction of $700,199.53. The disclosure for this sale can be found here. 0.36% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of GLW. Vanguard Group Inc. boosted its holdings in Corning by 1.1% during the third quarter. Vanguard Group Inc. now owns 95,986,278 shares of the electronics maker’s stock worth $2,785,521,000 after buying an additional 1,002,544 shares in the last quarter. BlackRock Inc. raised its position in shares of Corning by 3.3% in the third quarter. BlackRock Inc. now owns 55,945,292 shares of the electronics maker’s stock valued at $1,623,533,000 after buying an additional 1,796,774 shares during the last quarter. State Street Corp raised its position in shares of Corning by 2.0% in the third quarter. State Street Corp now owns 31,902,274 shares of the electronics maker’s stock valued at $925,804,000 after buying an additional 622,258 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Corning by 37.4% in the second quarter. Price T Rowe Associates Inc. MD now owns 20,008,558 shares of the electronics maker’s stock valued at $630,470,000 after buying an additional 5,451,525 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Corning by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 15,502,178 shares of the electronics maker’s stock valued at $494,370,000 after buying an additional 190,144 shares during the last quarter. 67.79% of the stock is currently owned by institutional investors and hedge funds.

Corning Company Profile

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Corning, Inc engages in the provision of glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications, carrier network and enterprise network products for the telecommunications industry, ceramic substrates for gasoline and diesel engines in automotive and heavy-duty vehicle markets, laboratory products for the scientific community and polymer products for biotechnology applications, optical materials for the semiconductor industry and the scientific community, and polycrystalline silicon products and other technologies.