Corning (NYSE:GLW) Rating Increased to Buy at StockNews.com

by · The Cerbat Gem

StockNews.com upgraded shares of Corning (NYSE:GLW – Free Report) from a hold rating to a buy rating in a report published on Thursday.

GLW has been the topic of several other research reports. Citigroup boosted their price target on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Bank of America boosted their target price on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. JPMorgan Chase & Co. raised their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday. Barclays boosted their price objective on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, Oppenheimer restated an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a research note on Wednesday. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $50.08.

Check Out Our Latest Stock Report on GLW

Corning Stock Performance

Corning stock traded up $0.64 during trading on Thursday, hitting $48.23. The stock had a trading volume of 453,259 shares, compared to its average volume of 5,726,056. The stock’s 50 day moving average is $44.40 and its two-hundred day moving average is $40.22. Corning has a 1 year low of $26.71 and a 1 year high of $51.03. The stock has a market cap of $41.27 billion, a price-to-earnings ratio of 279.94, a price-to-earnings-growth ratio of 1.61 and a beta of 1.04. The company has a quick ratio of 0.98, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW – Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the prior year, the firm earned $0.45 EPS. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, analysts predict that Corning will post 1.93 EPS for the current year.

Corning Dividend Announcement

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

Institutional Investors Weigh In On Corning

A number of large investors have recently added to or reduced their stakes in GLW. Price T Rowe Associates Inc. MD raised its holdings in shares of Corning by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after buying an additional 4,464,893 shares in the last quarter. Natixis raised its position in Corning by 2,405.2% in the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after purchasing an additional 1,735,638 shares during the period. Pathway Financial Advisers LLC grew its stake in shares of Corning by 4,306.9% during the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock valued at $47,428,000 after buying an additional 1,026,626 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Corning by 10,626.4% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock valued at $33,388,000 after buying an additional 1,003,556 shares during the last quarter. Finally, Shellback Capital LP purchased a new position in shares of Corning in the second quarter worth about $34,483,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

About Corning

(Get Free Report)

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.

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