Corning Incorporated (GLW) Upgraded by BidaskClub to “Buy”
BidaskClub upgraded shares of Corning Incorporated (NYSE:GLW) from a hold rating to a buy rating in a research note released on Saturday.
GLW has been the topic of a number of other research reports. Goldman Sachs Group, Inc. (The) lowered shares of Corning from a neutral rating to a sell rating and cut their price target for the stock from $29.00 to $26.00 in a report on Tuesday, August 15th. Oppenheimer Holdings, Inc. restated a hold rating on shares of Corning in a report on Thursday, July 27th. Susquehanna Bancshares Inc restated a positive rating on shares of Corning in a report on Thursday, July 13th. Guggenheim restated a buy rating and issued a $35.00 target price on shares of Corning in a report on Tuesday, August 15th. Finally, Vetr upgraded shares of Corning from a buy rating to a strong-buy rating and set a $33.69 target price on the stock in a report on Monday, July 10th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Corning currently has a consensus rating of Hold and a consensus target price of $28.21.
Shares of Corning (NYSE:GLW) traded up 0.35% during trading on Friday, hitting $28.66. The stock had a trading volume of 3,299,854 shares. The stock has a market capitalization of $25.89 billion, a price-to-earnings ratio of 12.80 and a beta of 1.40. The stock’s 50 day moving average is $29.78 and its 200 day moving average is $28.67. Corning has a 52 week low of $22.14 and a 52 week high of $32.17.
Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. The company had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. Corning’s revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.37 earnings per share. On average, equities research analysts expect that Corning will post $1.71 earnings per share for the current fiscal year.
COPYRIGHT VIOLATION NOTICE: This piece was originally published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are reading this piece on another publication, it was copied illegally and republished in violation of U.S. & international copyright & trademark laws. The correct version of this piece can be viewed at https://www.thecerbatgem.com/2017/08/27/corning-incorporated-glw-upgraded-by-bidaskclub-to-buy.html.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be given a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s payout ratio is 27.93%.
In other Corning news, insider Clark S. Kinlin sold 40,717 shares of the business’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $29.62, for a total value of $1,206,037.54. Following the transaction, the insider now directly owns 72,707 shares in the company, valued at $2,153,581.34. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Clark S. Kinlin sold 46,763 shares of the business’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $28.53, for a total transaction of $1,334,148.39. Following the completion of the transaction, the insider now owns 72,039 shares in the company, valued at $2,055,272.67. The disclosure for this sale can be found here. Insiders sold a total of 347,963 shares of company stock valued at $10,209,969 over the last ninety days. 0.59% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the stock. Clark Capital Management Group Inc. purchased a new stake in Corning during the first quarter worth $14,879,000. AXA raised its position in shares of Corning by 7.1% in the first quarter. AXA now owns 261,015 shares of the electronics maker’s stock worth $7,047,000 after buying an additional 17,315 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Corning by 0.5% in the first quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock worth $1,650,659,000 after buying an additional 326,877 shares during the last quarter. Amalgamated Bank raised its position in shares of Corning by 6.1% in the first quarter. Amalgamated Bank now owns 66,875 shares of the electronics maker’s stock worth $1,806,000 after buying an additional 3,862 shares during the last quarter. Finally, Swiss National Bank raised its position in shares of Corning by 15.3% in the first quarter. Swiss National Bank now owns 3,370,512 shares of the electronics maker’s stock worth $91,004,000 after buying an additional 446,200 shares during the last quarter. Institutional investors own 73.87% of the company’s stock.
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
Receive News & Stock Ratings for Corning Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning Incorporated and related stocks with our FREE daily email newsletter.