Corning Incorporated (NYSE:GLW) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Corning Incorporated (NYSE:GLW) have been given a consensus recommendation of “Moderate Buy” by the fourteen ratings firms that are presently covering the company, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $50.08.

GLW has been the topic of a number of analyst reports. Bank of America boosted their price target on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and increased their price target for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. UBS Group upped their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Morgan Stanley reiterated an “equal weight” rating and set a $39.00 target price on shares of Corning in a research note on Friday, July 26th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th.

Corning Stock Up 1.4 %

Shares of NYSE GLW opened at $48.50 on Friday. The firm has a fifty day simple moving average of $46.33 and a two-hundred day simple moving average of $41.96. Corning has a 12 month low of $27.57 and a 12 month high of $51.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $41.52 billion, a PE ratio of 285.26, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.45 earnings per share. Equities analysts expect that Corning will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The firm 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. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is 658.82%.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Corning

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GLW. Bard Financial Services Inc. bought a new stake in shares of Corning in the 3rd quarter worth about $1,631,000. M&T Bank Corp lifted its position in shares of Corning by 3.8% during the third quarter. M&T Bank Corp now owns 165,246 shares of the electronics maker’s stock worth $7,461,000 after purchasing an additional 6,040 shares during the last quarter. Soltis Investment Advisors LLC boosted its position in Corning by 0.4% in the 3rd quarter. Soltis Investment Advisors LLC now owns 149,369 shares of the electronics maker’s stock valued at $6,744,000 after buying an additional 558 shares during the period. Virtue Capital Management LLC grew its stake in Corning by 5.7% in the third quarter. Virtue Capital Management LLC now owns 20,347 shares of the electronics maker’s stock worth $919,000 after purchasing an additional 1,089 shares in the last quarter. Finally, Toronto Dominion Bank increased its stake in shares of Corning by 9.7% during the third quarter. Toronto Dominion Bank now owns 289,853 shares of the electronics maker’s stock valued at $13,087,000 after buying an additional 25,590 shares during the period. 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.