Corning (NYSE:GLW) Stock Lifted to “Overweight” by Fox Advisors

Fox Advisors upgraded shares of Corning (NYSE:GLW) from an equal weight rating to an overweight rating in a report published on Thursday morning, MarketBeat reports.

Several other research firms also recently weighed in on GLW. Weiss Ratings downgraded shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, August 21st. Truist Financial restated a “buy” rating and set a $175.00 price target (down from $182.00) on shares of Corning in a research report on Wednesday, October 28th. China Renaissance raised Corning from a “hold” rating to a “buy” rating and set a $238.00 price objective on the stock in a research note on Tuesday, September 8th. JPMorgan Chase & Co. decreased their price objective on Corning from $170.00 to $165.00 and set a “neutral” rating on the stock in a report on Wednesday, October 21st. Finally, Sanford C. Bernstein assumed coverage on Corning in a report on Wednesday, September 30th. They issued a “market perform” rating and a $140.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $175.81.

Corning Trading Down 13.1%

GLW stock opened at $103.20 on Thursday. The company has a market capitalization of $88.90 billion, a PE ratio of 38.19, a price-to-earnings-growth ratio of 1.46 and a beta of 1.23. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 1.72. Corning has a one year low of $77.39 and a one year high of $271.78. The company’s 50 day moving average price is $145.40 and its two-hundred day moving average price is $155.48.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Corning had a net margin of 12.13% and a return on equity of 20.83%. The company had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $5.03 billion. During the same quarter in the prior year, the company earned $0.67 EPS. The firm’s revenue was up 18.9% on a year-over-year basis. As a group, analysts predict that Corning will post 3.38 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be issued a $0.28 dividend. The ex-dividend date is Friday, November 13th. This represents a $1.12 annualized dividend and a dividend yield of 1.1%. Corning’s dividend payout ratio (DPR) is currently 45.34%.

Insider Activity at Corning

In related news, EVP Lewis Steverson sold 13,100 shares of Corning stock in a transaction on Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the transaction, the executive vice president directly owned 15,052 shares of the company’s stock, valued at $2,277,217.08. The trade was a 46.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.25% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Corning

Large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp purchased a new stake in Corning in the second quarter worth approximately $1,510,911,000. State Street Corp grew its position in Corning by 13.4% in the 2nd quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock worth $10,500,315,000 after purchasing an additional 4,845,027 shares during the period. Legal & General Group Plc bought a new position in shares of Corning during the 2nd quarter valued at $1,212,283,000. Wellington Management Group LLP lifted its holdings in shares of Corning by 50.9% during the 2nd quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock valued at $3,365,084,000 after buying an additional 4,446,514 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of Corning by 29.2% during the 2nd quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock valued at $4,784,361,000 after buying an additional 4,231,507 shares during the period. Institutional investors own 69.80% of the company’s stock.

About Corning

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.