Corning (NYSE:GLW) Reaches New 52-Week High – Here’s What Happened

Corning Incorporated (NYSE:GLW)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $46.53 and last traded at $46.53, with a volume of 3493708 shares trading hands. The stock had previously closed at $44.59.

Analysts Set New Price Targets

GLW has been the subject of a number of research reports. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a report on Tuesday, July 9th. Barclays raised their target price on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 31st. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Argus raised their price objective on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Finally, Citigroup increased their target price on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.00.

Corning Trading Up 4.8 %

The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The firm has a market cap of $40.02 billion, a price-to-earnings ratio of 66.23, a price-to-earnings-growth ratio of 1.73 and a beta of 1.04. The firm’s fifty day moving average is $41.94 and its 200-day moving average is $38.60.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same period in the previous year, the business earned $0.45 EPS. The firm’s revenue was up 3.5% compared to the same quarter last year. Equities analysts anticipate that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.40%. Corning’s dividend payout ratio is currently 157.75%.

Hedge Funds Weigh In On Corning

Institutional investors and hedge funds have recently made changes to their positions in the stock. MBB Public Markets I LLC boosted its position in shares of Corning by 806.7% during the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after purchasing an additional 57,800 shares in the last quarter. Bridgefront Capital LLC bought a new position in shares of Corning during the 4th quarter worth about $813,000. Wahed Invest LLC boosted its position in shares of Corning by 8.6% during the 4th quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock worth $395,000 after purchasing an additional 1,028 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its position in Corning by 75.5% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock valued at $1,871,000 after acquiring an additional 24,421 shares in the last quarter. Finally, Elo Mutual Pension Insurance Co lifted its position in Corning by 4.7% in the 4th quarter. Elo Mutual Pension Insurance Co now owns 70,747 shares of the electronics maker’s stock valued at $2,154,000 after acquiring an additional 3,152 shares in the last quarter. Institutional investors 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.