Corning (NYSE:GLW) Upgraded at StockNews.com

StockNews.com upgraded shares of Corning (NYSE:GLW) from a hold rating to a buy rating in a research note released on Thursday morning.

Other research analysts also recently issued reports about the stock. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Oppenheimer reissued an “outperform” rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a research note on Wednesday. Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. Susquehanna upped their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Finally, Argus raised their target price on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Trading Up 1.3 %

Shares of Corning stock traded up $0.64 during trading on Thursday, reaching $48.23. 453,259 shares of the stock were exchanged, compared to its average volume of 5,726,056. Corning has a 1 year low of $26.71 and a 1 year high of $51.03. The firm has a market cap of $41.27 billion, a price-to-earnings ratio of 279.94, a price-to-earnings-growth ratio of 1.61 and a beta of 1.04. 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 stock’s fifty day moving average is $44.40 and its 200 day moving average is $40.22.

Corning (NYSE:GLW) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the company earned $0.45 EPS. As a group, equities research analysts expect that Corning will post 1.93 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. Corning’s payout ratio is currently 658.82%.

Institutional Trading of Corning

Several institutional investors have recently added to or reduced their stakes in GLW. Hollencrest Capital Management boosted its position in shares of Corning by 143.5% during the third quarter. Hollencrest Capital Management now owns 1,488 shares of the electronics maker’s stock valued at $67,000 after buying an additional 877 shares during the last quarter. Capital Performance Advisors LLP bought a new position in Corning during the 3rd quarter valued at about $88,000. J.P. Marvel Investment Advisors LLC boosted its holdings in shares of Corning by 1.2% during the 3rd quarter. J.P. Marvel Investment Advisors LLC now owns 255,711 shares of the electronics maker’s stock valued at $11,545,000 after acquiring an additional 2,970 shares during the last quarter. Hudson Value Partners LLC grew its stake in shares of Corning by 5.3% in the third quarter. Hudson Value Partners LLC now owns 112,552 shares of the electronics maker’s stock worth $5,082,000 after acquiring an additional 5,699 shares during the period. Finally, Keynote Financial Services LLC purchased a new position in shares of Corning during the third quarter valued at approximately $230,000. 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.