Susquehanna Bancshares Inc Reiterates Positive Rating for Corning Incorporated (GLW)
Susquehanna Bancshares Inc reissued their positive rating on shares of Corning Incorporated (NYSE:GLW) in a research note published on Thursday morning. The firm currently has a $35.00 price target on the electronics maker’s stock.
Several other brokerages also recently commented on GLW. Drexel Hamilton raised their target price on Corning from $14.50 to $17.50 and gave the stock a sell rating in a research note on Wednesday, April 26th. Deutsche Bank AG restated a buy rating and issued a $33.00 target price (up previously from $30.00) on shares of Corning in a research note on Saturday, April 29th. Vetr upgraded Corning from a buy rating to a strong-buy rating and set a $33.69 target price for the company in a research note on Tuesday, July 4th. Goldman Sachs Group, Inc. (The) restated a neutral rating and issued a $29.00 target price on shares of Corning in a research note on Wednesday, April 26th. Finally, Oppenheimer Holdings, Inc. restated a hold rating on shares of Corning in a research note on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Corning has a consensus rating of Hold and a consensus target price of $28.21.
Corning (GLW) opened at 28.66 on Thursday. The stock has a 50 day moving average of $29.78 and a 200-day moving average of $28.67. Corning has a 52 week low of $22.14 and a 52 week high of $32.17. The firm has a market cap of $25.89 billion, a PE ratio of 12.80 and a beta of 1.40.
Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.02. The company had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.37 EPS. Analysts expect that Corning will post $1.71 earnings per share for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be issued a dividend of $0.155 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.16%. Corning’s dividend payout ratio is 27.93%.
In related news, insider James P. Clappin sold 106,983 shares of the firm’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $29.25, for a total transaction of $3,129,252.75. Following the transaction, the insider now directly owns 91,552 shares of the company’s stock, valued at approximately $2,677,896. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Wendell P. Weeks sold 153,500 shares of the firm’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $29.58, for a total value of $4,540,530.00. Following the transaction, the chief executive officer now directly owns 76,750 shares in the company, valued at $2,270,265. The disclosure for this sale can be found here. Over the last three months, insiders have sold 347,963 shares of company stock worth $10,209,969. 0.59% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the stock. GLG Partners LP purchased a new position in shares of Corning during the second quarter worth $102,000. Central Bank & Trust Co. boosted its position in shares of Corning by 515.2% in the first quarter. Central Bank & Trust Co. now owns 3,919 shares of the electronics maker’s stock worth $106,000 after buying an additional 3,282 shares in the last quarter. Coconut Grove Bank boosted its position in shares of Corning by 92.8% in the first quarter. Coconut Grove Bank now owns 3,990 shares of the electronics maker’s stock worth $108,000 after buying an additional 1,920 shares in the last quarter. Jacobus Wealth Management Inc. purchased a new position in shares of Corning during the first quarter worth $108,000. Finally, Clean Yield Group purchased a new position in shares of Corning during the first quarter worth $122,000. 71.31% of the stock is currently owned by institutional investors.
Corning Company Profile
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).
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