Corning Incorporated (NYSE:GLW – Get Free Report) has been assigned an average recommendation of “Moderate Buy” from the nine research firms that are covering the stock, Marketbeat reports. Four analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $34.89.
GLW has been the topic of several analyst reports. Barclays lowered their target price on Corning from $33.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 25th. Deutsche Bank Aktiengesellschaft cut Corning from a “buy” rating to a “hold” rating and lowered their price objective for the company from $37.00 to $30.00 in a research report on Wednesday, October 25th. TheStreet downgraded shares of Corning from a “b-” rating to a “c+” rating in a report on Thursday, October 12th. JPMorgan Chase & Co. lowered their price target on shares of Corning from $36.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, October 25th. Finally, Citigroup lowered their target price on shares of Corning from $39.00 to $36.00 and set a “buy” rating on the stock in a research note on Wednesday, October 25th.
Institutional Investors Weigh In On Corning
Corning Trading Down 0.7 %
Corning stock opened at $28.29 on Tuesday. The business has a 50-day simple moving average of $28.88 and a two-hundred day simple moving average of $31.46. Corning has a 52-week low of $25.26 and a 52-week high of $37.10. The company has a quick ratio of 1.08, a current ratio of 1.70 and a debt-to-equity ratio of 0.61. The company has a market cap of $24.14 billion, a P/E ratio of 41.60, a P/E/G ratio of 10.57 and a beta of 1.07.
Corning (NYSE:GLW – Get Free Report) last announced its earnings results on Tuesday, October 24th. The electronics maker reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.01). The business had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.51 billion. Corning had a net margin of 4.50% and a return on equity of 12.73%. The firm’s quarterly revenue was down 9.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.51 earnings per share. Analysts predict that Corning will post 1.71 EPS for the current year.
Corning Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, November 17th will be given a $0.28 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.96%. Corning’s dividend payout ratio is currently 164.71%.
Corning Company Profile
Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. 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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