Zacks Investment Research upgraded shares of Corning Incorporated (NYSE:GLW) from a strong sell rating to a hold rating in a report issued on Thursday, October 26th.
According to Zacks, “Corning is benefiting from robust performance in the company’s Optical Communications and Specialty Materials business lines. The company’s third-quarter results demonstrated strong demand for the company’s fiber-optic products. We also note solid demand for Gorilla Glass in the smartphone market. Moreover, the company remains focused on expanding its footprint in the automotive market driven by gas particulate filters (GPFs) and a Gorilla-sized automotive glass business. Further, aggressive share buyback in accordance with the strategy & capital allocation framework will also boost bottom line growth. On a year-to-date basis, the stock has outperformed the industry it belongs to. However, weakness in the Display segment remains a headwind.”
Other equities research analysts have also recently issued research reports about the stock. BidaskClub cut shares of Corning from a buy rating to a hold rating in a report on Saturday, August 19th. Jefferies Group LLC reiterated a hold rating and issued a $27.50 target price on shares of Corning in a research note on Friday, July 14th. Goldman Sachs Group, Inc. (The) downgraded shares of Corning from a neutral rating to a sell rating and dropped their target price for the stock from $29.00 to $26.00 in a research note on Tuesday, August 15th. Susquehanna Bancshares Inc reiterated a positive rating on shares of Corning in a research note on Thursday, July 13th. Finally, Vetr upgraded shares of Corning from a sell rating to a buy rating and set a $33.69 target price on the stock in a research note on Wednesday, June 28th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $29.28.
Shares of Corning (GLW) traded down $0.07 on Thursday, reaching $31.66. 3,219,000 shares of the company’s stock were exchanged, compared to its average volume of 6,260,589. The stock has a market capitalization of $27,560.00, a PE ratio of 18.24, a PEG ratio of 2.64 and a beta of 1.33. The company has a current ratio of 2.69, a quick ratio of 2.14 and a debt-to-equity ratio of 0.26. Corning has a twelve month low of $23.30 and a twelve month high of $32.33.
Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.02. The business had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. The business’s revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.42 earnings per share. sell-side analysts forecast that Corning will post 1.7 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be given a $0.155 dividend. The ex-dividend date is Wednesday, November 15th. This represents a $0.62 annualized dividend and a yield of 1.96%. Corning’s payout ratio is presently 26.38%.
In other news, CEO Wendell P. Weeks sold 248,857 shares of the stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total value of $7,806,644.09. Following the completion of the sale, the chief executive officer now directly owns 65,333 shares of the company’s stock, valued at $2,049,496.21. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Mark S. Rogus sold 9,242 shares of the stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $32.12, for a total transaction of $296,853.04. The disclosure for this sale can be found here. Insiders sold 422,449 shares of company stock worth $12,907,983 over the last quarter. Insiders own 0.59% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. GLG Partners LP purchased a new stake in shares of Corning in the second quarter worth $102,000. Jacobus Wealth Management Inc. purchased a new position in Corning during the first quarter valued at $108,000. MPS Loria Financial Planners LLC purchased a new position in Corning during the second quarter valued at $112,000. Benjamin F. Edwards & Company Inc. grew its stake in Corning by 241.6% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after acquiring an additional 2,650 shares in the last quarter. Finally, Central Bank & Trust Co. grew its stake in Corning by 8.8% during the second quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock valued at $128,000 after acquiring an additional 345 shares in the last quarter. 73.54% of the stock is owned by hedge funds and other institutional investors.
Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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