Analysts Set Corning Incorporated (NYSE:GLW) PT at $47.00

Shares of Corning Incorporated (NYSE:GLW) have been assigned a consensus rating of “Moderate Buy” from the fourteen ratings firms that are covering the stock, MarketBeat reports. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $47.23.

A number of equities research analysts have commented on GLW shares. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective for the company in a research report on Monday, June 17th. Susquehanna raised their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target for the company in a research note on Tuesday, July 9th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a research note on Friday, July 26th.

Corning Stock Down 1.5 %

GLW stock opened at $46.02 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. Corning has a 1-year low of $25.26 and a 1-year high of $47.45. The stock has a market capitalization of $39.38 billion, a P/E ratio of 92.04, a P/E/G ratio of 1.80 and a beta of 1.04. The business has a fifty day moving average price of $42.07 and a 200-day moving average price of $38.66.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. Corning’s revenue was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.45 EPS. Equities analysts forecast that Corning will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.43%. Corning’s payout ratio is 224.00%.

Hedge Funds Weigh In On Corning

Several large investors have recently made changes to their positions in GLW. City Holding Co. raised its stake in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares during the period. Access Investment Management LLC bought a new stake in shares of Corning during the first quarter valued at approximately $28,000. Future Financial Wealth Managment LLC bought a new position in shares of Corning during the first quarter worth $33,000. Register Financial Advisors LLC purchased a new position in Corning during the first quarter valued at $33,000. Finally, ESL Trust Services LLC bought a new stake in Corning in the 1st quarter valued at $33,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

About Corning

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.