Corning Inc. (GLW) Receives “Positive” Rating from Susquehanna
Susquehanna reissued their positive rating on shares of Corning Inc. (NYSE:GLW) in a report released on Wednesday morning. Susquehanna currently has a $27.00 target price on the stock, up from their previous target price of $25.00.
Several other equities research analysts have also recently weighed in on the company. Bank of America Corp. restated a sell rating and set a $17.50 target price on shares of Corning in a report on Wednesday, September 21st. Goldman Sachs Group Inc. restated a buy rating on shares of Corning in a report on Friday, August 26th. Citigroup Inc. increased their target price on Corning from $23.00 to $26.00 and gave the company a buy rating in a report on Friday, August 26th. Vetr cut Corning from a hold rating to a sell rating and set a $21.30 target price for the company. in a report on Thursday, July 28th. Finally, Argus restated a buy rating on shares of Corning in a report on Sunday, June 12th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of C$21.98.
Shares of Corning (NYSE:GLW) traded up 0.55% during midday trading on Wednesday, reaching $23.76. The company’s stock had a trading volume of 1,155,453 shares. Corning has a 52-week low of $16.13 and a 52-week high of $23.77. The stock has a market cap of $24.64 billion, a price-to-earnings ratio of 13.09 and a beta of 1.44. The stock has a 50-day moving average price of $22.79 and a 200-day moving average price of $21.04.
Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.05. Corning had a return on equity of 9.65% and a net margin of 25.53%. The firm earned $2.36 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the prior year, the business earned $0.38 EPS. The company’s revenue for the quarter was up .7% compared to the same quarter last year. Equities research analysts anticipate that Corning will post $1.42 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Wednesday, August 31st will be issued a $0.135 dividend. The ex-dividend date is Monday, August 29th. This represents a $0.54 annualized dividend and a dividend yield of 2.29%. Corning’s dividend payout ratio (DPR) is 29.51%.
In other news, VP Eric S. Musser sold 56,853 shares of Corning stock in a transaction dated Monday, August 1st. The stock was sold at an average price of C$22.37, for a total value of C$1,271,801.61. Following the sale, the vice president now directly owns 25,693 shares of the company’s stock, valued at C$574,752.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David L. Morse sold 9,000 shares of Corning stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of C$23.00, for a total value of C$207,000.00. Following the completion of the sale, the insider now directly owns 52,629 shares in the company, valued at C$1,210,467. The disclosure for this sale can be found here. 0.60% of the stock is owned by insiders.
Several large investors have recently modified their holdings of GLW. Whittier Trust Co. raised its position in Corning by 2.3% in the second quarter. Whittier Trust Co. now owns 6,954 shares of the company’s stock valued at $142,000 after buying an additional 154 shares in the last quarter. First Manhattan Co. raised its position in Corning by 2.7% in the second quarter. First Manhattan Co. now owns 7,622 shares of the company’s stock valued at $156,000 after buying an additional 200 shares in the last quarter. Zions Bancorporation raised its position in Corning by 439.6% in the first quarter. Zions Bancorporation now owns 7,976 shares of the company’s stock valued at $164,000 after buying an additional 6,498 shares in the last quarter. Invictus RG raised its position in Corning by 6.0% in the first quarter. Invictus RG now owns 8,787 shares of the company’s stock valued at $184,000 after buying an additional 495 shares in the last quarter. Finally, Sunbelt Securities Inc. raised its position in Corning by 5.6% in the second quarter. Sunbelt Securities Inc. now owns 9,500 shares of the company’s stock valued at $195,000 after buying an additional 500 shares in the last quarter. 73.63% of the stock is currently owned by hedge funds and other institutional investors.
Corning Company Profile
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
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