Corning (NYSE:GLW) Price Target Raised to $54.00

by · The Cerbat Gem

Corning (NYSE:GLW – Free Report) had its price objective boosted by Deutsche Bank Aktiengesellschaft from $49.00 to $54.00 in a report issued on Wednesday morning, Benzinga reports. Deutsche Bank Aktiengesellschaft currently has a buy rating on the electronics maker’s stock.

A number of other brokerages also recently weighed in on GLW. JPMorgan Chase & Co. boosted their price target on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Bank of America raised their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. UBS Group boosted their price objective on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Get Our Latest Analysis on GLW

Corning Trading Up 1.6 %

GLW opened at $48.36 on Wednesday. Corning has a 12-month low of $26.71 and a 12-month high of $51.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 0.98. The stock has a market capitalization of $41.38 billion, a PE ratio of 284.47, a P/E/G ratio of 1.52 and a beta of 1.03. The firm’s fifty day moving average price is $44.52 and its 200 day moving average price is $40.33.

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, topping the consensus estimate of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.45 earnings per share. As a group, research analysts expect that Corning will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid 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 is Friday, November 15th. Corning’s dividend payout ratio is currently 658.82%.

Hedge Funds Weigh In On Corning

Large investors have recently bought and sold shares of the stock. MBB Public Markets I LLC boosted its holdings in shares of Corning by 806.7% in the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after acquiring an additional 57,800 shares in the last quarter. Central Pacific Bank Trust Division bought a new position in Corning during the 1st quarter valued at $653,000. Dark Forest Capital Management LP acquired a new position in shares of Corning during the 2nd quarter valued at $511,000. Financial Counselors Inc. raised its stake in shares of Corning by 40.9% in the 1st quarter. Financial Counselors Inc. now owns 312,977 shares of the electronics maker’s stock worth $10,316,000 after buying an additional 90,836 shares in the last quarter. Finally, Raymond James & Associates lifted its holdings in shares of Corning by 2.6% in the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after buying an additional 42,818 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

About Corning

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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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