Corning Inc. (GLW) Lifted to Buy at Zacks Investment Research
Corning Inc. (NYSE:GLW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The firm presently has a $27.00 price objective on the stock.
According to Zacks, “Corning is primarily a developer of advanced glass substrates for multiple markets. The company reported strong result in the third quarter with both earnings and revenues comfortably beating the Zacks Consensus Estimates. Revenue growth was positive driven by solid performance from the Display Technologies and Optical Communications segment. We believe the company remains focused on expanding its footprint in the automotive market, which will drive top-line growth. However, managemnt expects Specialty Materials segment to remain weak in the upcoming quarter due to lower-than-expected demand for mobile devices. Also important to note that several key end markets (tablets, mobile, etc) are underperforming in 2016 and the company has slipped into a net debt position.”
A number of other equities research analysts have also issued reports on GLW. Goldman Sachs Group Inc. reissued a “buy” rating on shares of Corning in a research note on Friday, August 26th. Deutsche Bank AG raised their price target on Corning from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, October 26th. Citigroup Inc. raised their price target on Corning from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, August 26th. Vetr raised Corning from a “sell” rating to a “buy” rating and set a $26.00 price target for the company in a research note on Tuesday. Finally, Bank of America Corp. reissued a “sell” rating and set a $17.50 price target on shares of Corning in a research note on Wednesday, September 21st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of C$22.91.
Shares of Corning (NYSE:GLW) opened at 23.67 on Thursday. Corning has a 12-month low of $16.13 and a 12-month high of $24.14. The firm has a 50-day moving average price of $23.33 and a 200 day moving average price of $21.78. The company has a market capitalization of $22.52 billion, a P/E ratio of 12.06 and a beta of 1.32.
Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 25th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.04. The business earned $2.51 billion during the quarter, compared to analyst estimates of $2.52 billion. Corning had a return on equity of 10.11% and a net margin of 25.66%. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period last year, the company earned $0.34 EPS. On average, equities research analysts predict that Corning will post $1.49 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, November 17th will be given a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 2.28%. The ex-dividend date is Tuesday, November 15th. Corning’s dividend payout ratio (DPR) is 27.84%.
In other Corning news, insider James P. Clappin sold 30,000 shares of the company’s stock in a transaction dated Monday, October 24th. The shares were sold at an average price of C$24.00, for a total value of C$720,000.00. Following the completion of the transaction, the insider now owns 96,589 shares in the company, valued at approximately C$2,318,136. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Martin J. Curran sold 54,416 shares of the company’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of C$22.87, for a total transaction of C$1,244,493.92. Following the completion of the transaction, the vice president now owns 32,115 shares of the company’s stock, valued at approximately C$734,470.05. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Silvercrest Asset Management Group LLC raised its stake in shares of Corning by 11.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 22,513 shares of the company’s stock worth $470,000 after buying an additional 2,300 shares in the last quarter. Panagora Asset Management Inc. raised its stake in shares of Corning by 1.5% in the first quarter. Panagora Asset Management Inc. now owns 1,248,715 shares of the company’s stock worth $26,086,000 after buying an additional 18,978 shares in the last quarter. Babson Capital Management LLC raised its stake in shares of Corning by 1.2% in the first quarter. Babson Capital Management LLC now owns 97,941 shares of the company’s stock worth $2,046,000 after buying an additional 1,200 shares in the last quarter. Seven Eight Capital LLC bought a new stake in shares of Corning during the first quarter worth $250,000. Finally, Royal Bank of Canada raised its stake in shares of Corning by 2.5% in the first quarter. Royal Bank of Canada now owns 3,089,240 shares of the company’s stock worth $64,534,000 after buying an additional 76,186 shares in the last quarter. Hedge funds and other institutional investors own 79.44% of the company’s stock.
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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