Corning Inc. (GLW) Raised to “Buy” at Vetr Inc.
Several other research firms have also recently commented on GLW. Drexel Hamilton reiterated a sell rating and set a $14.50 price target on shares of Corning in a report on Tuesday, October 25th. Deutsche Bank AG reiterated a buy rating on shares of Corning in a report on Monday, October 3rd. Zacks Investment Research cut shares of Corning from a hold rating to a sell rating in a report on Monday, October 3rd. Susquehanna reiterated a positive rating and set a $27.00 price target (up previously from $25.00) on shares of Corning in a report on Wednesday, September 28th. Finally, Bank of America Corp. reiterated a sell rating and set a $17.50 price target on shares of Corning in a report on Wednesday, September 21st. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the stock. Corning currently has a consensus rating of Hold and a consensus target price of C$22.91.
Corning (NYSE:GLW) opened at 23.82 on Tuesday. The stock has a market cap of $22.66 billion, a PE ratio of 12.14 and a beta of 1.32. The company’s 50 day moving average is $23.34 and its 200 day moving average is $21.79. Corning has a one year low of $16.13 and a one year high of $24.14.
Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 25th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. The firm earned $2.51 billion during the quarter, compared to analysts’ expectations of $2.52 billion. Corning had a net margin of 25.66% and a return on equity of 10.11%. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.34 earnings per share. On average, equities research analysts expect that Corning will post $1.49 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, November 17th will be issued a $0.135 dividend. The ex-dividend date is Tuesday, November 15th. This represents a $0.54 annualized dividend and a yield of 2.27%. Corning’s payout ratio is 27.84%.
In other news, insider R Tony Tripeny sold 16,333 shares of Corning stock in a transaction that occurred on Thursday, November 17th. The shares were sold at an average price of C$23.80, for a total transaction of C$388,725.40. Following the sale, the insider now owns 57,054 shares in the company, valued at C$1,357,885.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Martin J. Curran sold 54,416 shares of Corning stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of C$22.87, for a total transaction of C$1,244,493.92. Following the sale, the vice president now owns 32,115 shares in the company, 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 corporate insiders.
Several hedge funds have recently bought and sold shares of the stock. Morgan Stanley raised its stake in Corning by 171.5% in the third quarter. Morgan Stanley now owns 13,124,835 shares of the company’s stock worth $310,404,000 after buying an additional 8,290,981 shares in the last quarter. Emerald Acquisition Ltd. bought a new stake in Corning during the second quarter worth $133,993,000. Bank of New York Mellon Corp increased its stake in Corning by 32.5% in the second quarter. Bank of New York Mellon Corp now owns 19,226,863 shares of the company’s stock worth $393,767,000 after buying an additional 4,712,631 shares during the last quarter. Ameriprise Financial Inc. increased its stake in Corning by 59.0% in the second quarter. Ameriprise Financial Inc. now owns 10,414,273 shares of the company’s stock worth $213,281,000 after buying an additional 3,863,933 shares during the last quarter. Finally, Korea Investment CORP increased its stake in Corning by 3,611.6% in the third quarter. Korea Investment CORP now owns 2,030,262 shares of the company’s stock worth $48,016,000 after buying an additional 1,975,562 shares during the last quarter. Institutional investors own 79.44% 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.
To view Vetr’s full report, visit Vetr’s official website.
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