Corning (NYSE:GLW) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Corning (NYSE:GLWFree Report) from a sell rating to a hold rating in a research note issued to investors on Saturday.

Other analysts have also recently issued research reports about the company. UBS Group lifted their price target on Corning from $29.00 to $32.00 and gave the company a neutral rating in a report on Thursday, January 11th. HSBC cut Corning from a hold rating to a reduce rating and set a $29.00 price target for the company. in a report on Thursday, February 1st. Finally, Barclays boosted their target price on Corning from $28.00 to $35.00 and gave the stock an equal weight rating in a report on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Corning currently has a consensus rating of Hold and a consensus price target of $32.88.

Check Out Our Latest Report on Corning

Corning Trading Up 0.6 %

Shares of GLW stock opened at $32.54 on Friday. The firm has a 50-day moving average price of $31.85 and a 200 day moving average price of $30.22. Corning has a twelve month low of $25.26 and a twelve month high of $36.01. The company has a market capitalization of $27.77 billion, a price-to-earnings ratio of 48.57, a PEG ratio of 1.85 and a beta of 1.08. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLWGet Free Report) last announced its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, meeting the consensus estimate of $0.39. The firm had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The firm’s revenue for the quarter was down 12.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.47 EPS. Research analysts forecast that Corning will post 1.86 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date of this dividend is Wednesday, February 28th. Corning’s dividend payout ratio is presently 167.16%.

Insiders Place Their Bets

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 18,200 shares of the company’s stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $30.15, for a total value of $548,730.00. Following the transaction, the insider now directly owns 205,258 shares of the company’s stock, valued at approximately $6,188,528.70. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Corning

Institutional investors have recently made changes to their positions in the business. Cibc World Market Inc. raised its position in shares of Corning by 22.1% during the 1st quarter. Cibc World Market Inc. now owns 65,555 shares of the electronics maker’s stock valued at $2,420,000 after acquiring an additional 11,884 shares in the last quarter. Prudential PLC acquired a new stake in shares of Corning during the 1st quarter valued at approximately $588,000. Sequoia Financial Advisors LLC raised its position in shares of Corning by 15.5% during the 1st quarter. Sequoia Financial Advisors LLC now owns 7,922 shares of the electronics maker’s stock valued at $293,000 after acquiring an additional 1,062 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Corning by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock valued at $3,423,287,000 after acquiring an additional 671,480 shares in the last quarter. Finally, Baird Financial Group Inc. raised its position in shares of Corning by 24.4% during the 1st quarter. Baird Financial Group Inc. now owns 714,932 shares of the electronics maker’s stock valued at $26,388,000 after acquiring an additional 140,098 shares in the last quarter. 67.74% of the stock is owned by institutional investors and hedge funds.

Corning Company Profile

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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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Analyst Recommendations for Corning (NYSE:GLW)

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