Corning’s (GLW) Buy Rating Reaffirmed at Deutsche Bank AG
GLW has been the subject of a number of other research reports. Argus reaffirmed a buy rating on shares of Corning in a research report on Sunday, June 12th. Vetr raised Corning from a buy rating to a strong-buy rating and set a $21.88 price target for the company in a research report on Monday, June 27th. Drexel Hamilton cut Corning from a hold rating to a sell rating and lowered their price target for the stock from $21.03 to $14.50 in a research report on Friday, June 10th. They noted that the move was a valuation call. Susquehanna reaffirmed a positive rating and set a $27.00 price target (up previously from $25.00) on shares of Corning in a research report on Wednesday, September 28th. Finally, Goldman Sachs Group Inc. raised Corning from a buy rating to a conviction-buy rating and set a $27.00 price target for the company in a research report on Thursday, July 7th. Four analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of C$21.98.
Corning (NYSE:GLW) traded up 0.17% during mid-day trading on Monday, hitting $23.70. The company had a trading volume of 348,909 shares. The company has a 50-day moving average price of $22.85 and a 200 day moving average price of $21.14. The firm has a market capitalization of $24.57 billion, a P/E ratio of 13.06 and a beta of 1.33. Corning has a 12 month low of $16.13 and a 12 month high of $23.81.
Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.37 EPS for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.05. Corning had a return on equity of 9.65% and a net margin of 25.53%. The company earned $2.36 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the previous year, the firm posted $0.38 EPS. The firm’s revenue was up .7% compared to the same quarter last year. Equities analysts forecast that Corning will post $1.43 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Wednesday, August 31st were paid a dividend of $0.135 per share. The ex-dividend date of this dividend was Monday, August 29th. This represents a $0.54 annualized dividend and a yield of 2.28%. Corning’s dividend payout ratio (DPR) is currently 29.51%.
In other news, VP Martin J. Curran sold 9,000 shares of the company’s stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of C$21.86, for a total value of C$196,740.00. Following the completion of the sale, the vice president now directly owns 25,052 shares in the company, valued at C$547,636.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Wendell P. Weeks sold 68,250 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of C$22.21, for a total value of C$1,515,832.50. Following the completion of the sale, the chief executive officer now owns 68,250 shares of the company’s stock, valued at C$1,515,832.50. The disclosure for this sale can be found here. Company insiders own 0.60% of the company’s stock.
Several large investors have recently bought and sold shares of the stock. Chicago Partners Investment Group LLC raised its stake in Corning by 0.6% in the second quarter. Chicago Partners Investment Group LLC now owns 10,581 shares of the company’s stock worth $217,000 after buying an additional 68 shares during the period. Patten & Patten Inc. TN boosted its position in Corning by 1.3% in the second quarter. Patten & Patten Inc. TN now owns 11,061 shares of the company’s stock worth $227,000 after buying an additional 139 shares in the last quarter. Point View Wealth Management Inc. boosted its position in Corning by 1.5% in the second quarter. Point View Wealth Management Inc. now owns 10,445 shares of the company’s stock worth $214,000 after buying an additional 150 shares in the last quarter. Whittier Trust Co. boosted its position in Corning by 2.3% in the second quarter. Whittier Trust Co. now owns 6,954 shares of the company’s stock worth $142,000 after buying an additional 154 shares in the last quarter. Finally, Beacon Investment Advisory Services Inc. boosted its position in Corning by 1.4% in the second quarter. Beacon Investment Advisory Services Inc. now owns 13,816 shares of the company’s stock worth $283,000 after buying an additional 186 shares in the last quarter. Institutional investors and hedge funds own 73.63% of the company’s stock.
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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