Corning (NYSE:GLW) Downgraded to “Hold” Rating by StockNews.com

StockNews.com cut shares of Corning (NYSE:GLW) from a buy rating to a hold rating in a report issued on Tuesday morning.

Several other analysts have also recently commented on the company. Barclays raised their target price on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. JPMorgan Chase & Co. raised their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Susquehanna raised their target price on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Deutsche Bank Aktiengesellschaft raised their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $58.00 price target (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $50.08.

Corning Stock Down 0.5 %

Shares of Corning stock opened at $48.00 on Tuesday. 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 business’s 50 day simple moving average is $46.53 and its 200-day simple moving average is $42.28. The stock has a market capitalization of $41.10 billion, a price-to-earnings ratio of 282.35, a PEG ratio of 1.55 and a beta of 1.03. Corning has a twelve month low of $27.57 and a twelve month high of $51.03.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The business 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 business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.45 EPS. Equities research analysts forecast that Corning will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

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 dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio is presently 658.82%.

Insider Transactions at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Institutional Trading of Corning

A number of hedge funds have recently modified their holdings of the business. City Holding Co. raised its holdings in shares of Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 600 shares in the last quarter. Accordant Advisory Group Inc purchased a new stake in shares of Corning during the second quarter worth $39,000. Cassady Schiller Wealth Management LLC purchased a new stake in shares of Corning during the third quarter worth $39,000. RPg Family Wealth Advisory LLC purchased a new stake in shares of Corning during the third quarter worth $40,000. Finally, Global Trust Asset Management LLC raised its holdings in shares of Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after acquiring an additional 900 shares in the last quarter. Hedge funds and other 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.