Corning (NYSE:GLW) Stock Price Expected to Rise, UBS Group Analyst Says

by · The Markets Daily

Corning (NYSE:GLW – Free Report) had its target price lifted by UBS Group from $46.00 to $51.00 in a research note issued to investors on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the electronics maker’s stock.

A number of other analysts have also issued reports on the company. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and raised their target price for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Susquehanna boosted their target price on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Citigroup increased their price target on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a report on Friday, July 12th. HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective on the stock in a report on Tuesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating 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 stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

View Our Latest Stock Report on Corning

Corning Trading Up 1.6 %

NYSE:GLW opened at $48.36 on Wednesday. The company has a quick ratio of 0.98, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The company’s 50 day moving average is $44.52 and its 200-day moving average is $40.40. The firm has a market cap of $41.38 billion, a price-to-earnings ratio of 284.47, a P/E/G ratio of 1.52 and a beta of 1.03. Corning has a 12 month low of $26.71 and a 12 month high of $51.03.

Corning (NYSE:GLW – Get Free Report) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.45 EPS. Equities analysts anticipate that Corning will post 1.95 EPS for the current year.

Corning Announces Dividend

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 paid a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. Corning’s dividend payout ratio is currently 658.82%.

Hedge Funds Weigh In On Corning

Hedge funds and other institutional investors have recently modified their holdings of the stock. Diversified Trust Co boosted its stake in shares of Corning by 10.8% in the 1st quarter. Diversified Trust Co now owns 12,254 shares of the electronics maker’s stock valued at $404,000 after purchasing an additional 1,191 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Corning by 2.1% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker’s stock valued at $69,109,000 after buying an additional 42,832 shares in the last quarter. Norden Group LLC grew its stake in Corning by 2,778.7% during the first quarter. Norden Group LLC now owns 261,735 shares of the electronics maker’s stock worth $8,627,000 after buying an additional 252,643 shares during the last quarter. First Trust Direct Indexing L.P. increased its holdings in shares of Corning by 4.1% during the first quarter. First Trust Direct Indexing L.P. now owns 9,206 shares of the electronics maker’s stock worth $303,000 after buying an additional 361 shares in the last quarter. Finally, HB Wealth Management LLC raised its stake in shares of Corning by 7.1% in the first quarter. HB Wealth Management LLC now owns 10,570 shares of the electronics maker’s stock valued at $348,000 after acquiring an additional 699 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Company Profile

(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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