Brokerages Set Corning Inc. (NYSE:GLW) Price Target at $21.29
Shares of Corning Inc. (NYSE:GLW) have earned a consensus recommendation of “Hold” from the seventeen ratings firms that are covering the stock. Four analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price target among analysts that have covered the stock in the last year is C$21.29.
GLW has been the subject of a number of recent research reports. Deutsche Bank AG reiterated a “buy” rating on shares of Corning in a research report on Monday, October 3rd. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Corning in a research report on Friday, August 26th. Citigroup Inc. increased their price objective on Corning from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, August 26th. Argus reiterated a “buy” rating on shares of Corning in a research report on Sunday, June 12th. Finally, Vetr lowered Corning from a “buy” rating to a “hold” rating and set a $21.20 target price for the company. in a report on Thursday, July 7th.
In other Corning news, insider David L. Morse sold 18,000 shares of the company’s stock in a transaction dated Wednesday, September 28th. The shares were sold at an average price of C$23.50, for a total transaction of C$423,000.00. Following the completion of the sale, the insider now directly owns 61,629 shares in the company, valued at C$1,448,281.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Wendell P. Weeks sold 68,250 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of C$22.21, for a total transaction of C$1,515,832.50. Following 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.
A number of large investors have recently added to or reduced their stakes in the stock. Whittier Trust Co. boosted its stake 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 during the period. First Manhattan Co. boosted its stake in Corning by 2.7% in the second quarter. First Manhattan Co. now owns 7,622 shares of the company’s stock worth $156,000 after buying an additional 200 shares during the period. Independent Portfolio Consultants Inc. boosted its stake in Corning by 77.3% in the third quarter. Independent Portfolio Consultants Inc. now owns 7,801 shares of the company’s stock worth $184,000 after buying an additional 3,400 shares during the period. Zions Bancorporation boosted its stake in Corning by 439.6% in the first quarter. Zions Bancorporation now owns 7,976 shares of the company’s stock worth $164,000 after buying an additional 6,498 shares during the period. Finally, Invictus RG boosted its stake in Corning by 6.0% in the first quarter. Invictus RG now owns 8,787 shares of the company’s stock worth $184,000 after buying an additional 495 shares during the period. Institutional investors own 73.63% of the company’s stock.
Shares of Corning (NYSE:GLW) opened at 23.78 on Thursday. The firm’s 50-day moving average price is $22.96 and its 200-day moving average price is $21.23. Corning has a 52-week low of $16.13 and a 52-week high of $23.95. The stock has a market cap of $24.66 billion, a P/E ratio of 13.10 and a beta of 1.34.
Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.37 EPS for the quarter, beating 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 company earned $2.36 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the prior year, the firm earned $0.38 EPS. The company’s quarterly revenue was up .7% compared to the same quarter last year. On average, equities research analysts forecast that Corning will post $1.42 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, November 17th will be issued a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a yield of 2.27%. Corning’s dividend payout ratio (DPR) is 29.51%.
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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