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

StockNews.com downgraded shares of Corning (NYSE:GLW) from a buy rating to a hold rating in a research note released on Monday morning.

A number of other equities research analysts have also recently issued reports on GLW. Bank of America upped their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note 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 research note on Wednesday, August 21st. Oppenheimer restated an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. JPMorgan Chase & Co. raised their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Finally, Barclays boosted their price target on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Corning has a consensus rating of “Moderate Buy” and an average target price of $50.08.

Corning Price Performance

NYSE GLW opened at $48.18 on Monday. Corning has a 12-month low of $29.71 and a 12-month high of $51.03. The firm’s 50 day moving average is $47.65 and its 200-day moving average is $43.50. The company has a market capitalization of $41.25 billion, a PE ratio of 283.41, a price-to-earnings-growth ratio of 1.54 and a beta of 1.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.

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

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 15th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend was Friday, November 15th. Corning’s dividend payout ratio is 658.82%.

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction dated 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. Company insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Corning

A number of large investors have recently bought and sold shares of the company. City Holding Co. boosted its position in shares of Corning by 545.5% during the 3rd 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. Cassady Schiller Wealth Management LLC acquired a new stake in shares of Corning in the 3rd quarter valued at $39,000. RPg Family Wealth Advisory LLC bought a new position in shares of Corning in the 3rd quarter valued at $40,000. Global Trust Asset Management LLC increased its stake in shares of Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 900 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of Corning during the 3rd quarter worth $45,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

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.