Brokerages Set Corning Incorporated (NYSE:GLW) Target Price at $34.89

Corning Incorporated (NYSE:GLW) has been given a consensus recommendation of “Moderate Buy” by the nine research firms that are currently covering the company, MarketBeat reports. Four equities research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $34.89.

A number of research analysts have recently weighed in on the company. Morgan Stanley cut their price objective on Corning from $38.00 to $33.00 and set an “overweight” rating on the stock in a report on Wednesday, October 25th. JPMorgan Chase & Co. reduced their price target on shares of Corning from $36.00 to $31.00 and set a “neutral” rating for the company in a research report on Wednesday, October 25th. Oppenheimer reduced their price target on shares of Corning from $42.00 to $37.00 and set an “outperform” rating for the company in a research report on Wednesday, October 25th. TheStreet cut shares of Corning from a “b-” rating to a “c+” rating in a report on Thursday, October 12th. Finally, Barclays reduced their target price on shares of Corning from $33.00 to $28.00 and set an “equal weight” rating for the company in a report on Wednesday, October 25th.

Corning Stock Performance

GLW opened at $28.29 on Tuesday. Corning has a 52-week low of $25.26 and a 52-week high of $37.10. The company has a quick ratio of 1.08, a current ratio of 1.70 and a debt-to-equity ratio of 0.61. The company has a market cap of $24.14 billion, a P/E ratio of 41.60, a price-to-earnings-growth ratio of 10.57 and a beta of 1.07. The firm’s 50-day moving average price is $28.88 and its 200-day moving average price is $31.46.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.01). Corning had a net margin of 4.50% and a return on equity of 12.73%. The company had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.51 billion. During the same quarter in the previous year, the company posted $0.51 EPS. The company’s revenue for the quarter was down 9.0% compared to the same quarter last year. As a group, equities analysts anticipate that Corning will post 1.71 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, November 17th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $1.12 dividend on an annualized basis and a yield of 3.96%. Corning’s payout ratio is 164.71%.

Hedge Funds Weigh In On Corning

Institutional investors and hedge funds have recently modified their holdings of the business. Peoples Bank KS purchased a new stake in shares of Corning in the third quarter valued at approximately $25,000. OFI Invest Asset Management purchased a new stake in shares of Corning in the third quarter valued at approximately $25,000. Janiczek Wealth Management LLC increased its holdings in Corning by 173.6% in the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 571 shares in the last quarter. Pacifica Partners Inc. purchased a new stake in Corning in the 3rd quarter worth $28,000. Finally, SRS Capital Advisors Inc. increased its holdings in Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after acquiring an additional 652 shares in the last quarter. Hedge funds and other institutional investors own 67.74% of the company’s stock.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.