Corning Inc. (GLW) Upgraded at Zacks Investment Research
Corning Inc. (NYSE:GLW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $27.00 price target on the stock. Zacks Investment Research’s price target indicates a potential upside of 11.57% from the stock’s previous close.
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.”
Several other analysts have also commented on the stock. Vetr raised shares of Corning from a “sell” rating to a “buy” rating and set a $26.00 price target for the company in a research report on Tuesday, November 15th. Goldman Sachs Group Inc. reissued a “buy” rating and set a $27.00 price target on shares of Corning in a research report on Wednesday, November 2nd. Deutsche Bank AG increased their price target on shares of Corning from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, October 26th. Drexel Hamilton reissued a “sell” rating and set a $14.50 price target on shares of Corning in a research report on Tuesday, October 25th. Finally, Susquehanna reissued a “positive” rating and set a $27.00 price target (up from $25.00) on shares of Corning in a research report on Wednesday, September 28th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $22.91.
Corning (NYSE:GLW) traded up 0.558% during trading on Tuesday, hitting $24.335. 2,318,013 shares of the company were exchanged. The stock has a market capitalization of $23.15 billion, a PE ratio of 12.403 and a beta of 1.32. The firm’s 50 day moving average price is $23.39 and its 200-day moving average price is $22.10. Corning has a 1-year low of $16.13 and a 1-year high of $24.42.
Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 25th. The company reported $0.42 EPS for the quarter, beating the Thomson Reuters’ 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 net margin of 25.66% and a return on equity of 10.11%. The company’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.34 earnings per share. Equities analysts predict that Corning will post $1.49 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, November 17th will be paid a dividend of $0.135 per share. The ex-dividend date is Tuesday, November 15th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.23%. Corning’s payout ratio is 27.84%.
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In other news, Vice Chairman Lawrence D. Mcrae sold 32,300 shares of the stock in a transaction that occurred on Tuesday, November 22nd. The stock was sold at an average price of $24.04, for a total transaction of $776,492.00. Following the transaction, the insider now owns 145,202 shares in the company, valued at approximately $3,490,656.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Edward A. Schlesinger sold 6,252 shares of the stock in a transaction that occurred on Monday, November 14th. The shares were sold at an average price of $23.57, for a total value of $147,359.64. Following the transaction, the vice president now owns 31,264 shares in the company, valued at approximately $736,892.48. The disclosure for this sale can be found here. Insiders own 0.60% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Mirador Capital Partners LP raised its position in shares of Corning by 0.3% in the third quarter. Mirador Capital Partners LP now owns 11,231 shares of the company’s stock worth $266,000 after buying an additional 31 shares during the last quarter. Chicago Partners Investment Group LLC raised its position in shares of 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 last quarter. FTB Advisors Inc. raised its position in shares of Corning by 0.6% in the third quarter. FTB Advisors Inc. now owns 12,040 shares of the company’s stock worth $285,000 after buying an additional 72 shares during the last quarter. Geneva Advisors LLC raised its position in shares of Corning by 0.9% in the third quarter. Geneva Advisors LLC now owns 11,742 shares of the company’s stock worth $278,000 after buying an additional 100 shares during the last quarter. Finally, City Holding Co. raised its position in shares of Corning by 1.2% in the third quarter. City Holding Co. now owns 9,448 shares of the company’s stock worth $223,000 after buying an additional 110 shares during the last quarter. Hedge funds and other institutional investors own 75.83% 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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