Corning (NYSE:GLW) Shares Gap Up to $31.78

Corning Incorporated (NYSE:GLW)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $31.78, but opened at $33.12. Corning shares last traded at $33.97, with a volume of 2,667,548 shares changing hands.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of analyst reports. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research report on Thursday, February 1st. Morgan Stanley reiterated an “overweight” rating and set a $35.00 price target on shares of Corning in a research report on Monday, April 22nd. Barclays boosted their price target on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Finally, Susquehanna reiterated a “positive” rating and set a $40.00 price target on shares of Corning in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Corning has an average rating of “Hold” and an average target price of $34.78.

Corning Stock Up 5.3 %

The company has a market capitalization of $28.62 billion, a price-to-earnings ratio of 50.33, a price-to-earnings-growth ratio of 1.73 and a beta of 1.08. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The business has a 50-day moving average price of $32.27 and a 200-day moving average price of $30.49.

Corning (NYSE:GLW) last posted its quarterly 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 for the quarter, compared to analyst estimates of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. Corning’s quarterly revenue was down 12.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.47 earnings per share. As a group, equities analysts anticipate that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s payout ratio is 167.16%.

Insiders Place Their Bets

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.45% of the company’s stock.

Institutional Trading of Corning

Several hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in Corning in the 4th quarter valued at approximately $247,721,000. Wellington Management Group LLP raised its holdings in Corning by 9.0% in the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after acquiring an additional 2,597,878 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in Corning by 15.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after acquiring an additional 2,301,745 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Corning by 41.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after acquiring an additional 1,828,097 shares in the last quarter. Finally, Federated Hermes Inc. raised its holdings in Corning by 1,329.2% in the 4th quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock valued at $40,239,000 after acquiring an additional 1,229,031 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Company Profile

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.