Brokerages Set Corning Incorporated (NYSE:GLW) PT at $53.08

Corning Incorporated (NYSE:GLW) has been given an average recommendation of “Moderate Buy” by the fourteen analysts that are presently covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $53.08.

GLW has been the topic of a number of research reports. Mizuho set a $52.00 target price on shares of Corning in a research report on Tuesday, April 15th. JPMorgan Chase & Co. reduced their target price on shares of Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Wall Street Zen lowered shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Bank of America raised their price objective on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, March 19th. Finally, Citigroup cut their price target on Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, April 14th.

Corning Stock Performance

NYSE GLW opened at $49.54 on Wednesday. The stock has a market cap of $42.43 billion, a P/E ratio of 85.42, a PEG ratio of 1.50 and a beta of 1.11. The company’s 50-day simple moving average is $46.19 and its 200 day simple moving average is $47.76. Corning has a twelve month low of $37.18 and a twelve month high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03. The firm had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Corning had a net margin of 3.86% and a return on equity of 15.10%. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.38 earnings per share. As a group, research analysts forecast that Corning will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date is Friday, May 30th. Corning’s dividend payout ratio is currently 215.38%.

Insider Transactions at Corning

In related news, SVP Soumya Seetharam sold 6,505 shares of Corning stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $50.01, for a total value of $325,315.05. Following the sale, the senior vice president now owns 25,000 shares of the company’s stock, valued at approximately $1,250,250. This trade represents a 20.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Stefan Becker sold 17,106 shares of Corning stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total value of $849,826.08. Following the completion of the sale, the senior vice president now directly owns 16,117 shares in the company, valued at approximately $800,692.56. This represents a 51.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 75,796 shares of company stock valued at $3,632,635 over the last 90 days. 0.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Corning

A number of hedge funds and other institutional investors have recently bought and sold shares of GLW. Vanguard Group Inc. increased its position in shares of Corning by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker’s stock worth $4,747,402,000 after purchasing an additional 916,528 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Corning by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker’s stock worth $875,633,000 after purchasing an additional 533,686 shares during the last quarter. Northern Trust Corp increased its position in shares of Corning by 2.0% during the 4th quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker’s stock worth $516,560,000 after purchasing an additional 208,826 shares during the last quarter. Norges Bank acquired a new position in shares of Corning during the 4th quarter worth approximately $490,933,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Corning by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker’s stock worth $465,723,000 after purchasing an additional 78,497 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

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.