Corning Incorporated (NYSE:GLW) Receives $34.56 Consensus Price Target from Analysts

Shares of Corning Incorporated (NYSE:GLW) have earned a consensus recommendation of “Hold” from the nine brokerages that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $34.56.

A number of equities analysts recently issued reports on the company. Barclays lifted their target price on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. JPMorgan Chase & Co. lifted their target price on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a report on Thursday, February 1st. UBS Group lifted their target price on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Finally, Susquehanna restated a “positive” rating and issued a $40.00 target price on shares of Corning in a report on Monday, April 1st.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the sale, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.45% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of GLW. Cibc World Market Inc. grew its stake in Corning by 22.1% in the first quarter. Cibc World Market Inc. now owns 65,555 shares of the electronics maker’s stock valued at $2,420,000 after purchasing an additional 11,884 shares in the last quarter. Prudential PLC purchased a new position in Corning in the first quarter valued at about $588,000. Sequoia Financial Advisors LLC grew its stake in Corning by 15.5% in the first quarter. Sequoia Financial Advisors LLC now owns 7,922 shares of the electronics maker’s stock valued at $293,000 after purchasing an additional 1,062 shares in the last quarter. Vanguard Group Inc. grew its stake in Corning by 0.7% in the first quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock valued at $3,423,287,000 after purchasing an additional 671,480 shares in the last quarter. Finally, Baird Financial Group Inc. grew its stake in Corning by 24.4% in the first quarter. Baird Financial Group Inc. now owns 714,932 shares of the electronics maker’s stock valued at $26,388,000 after purchasing an additional 140,098 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Down 1.2 %

Shares of GLW stock opened at $30.92 on Friday. Corning has a 1 year low of $25.26 and a 1 year high of $36.01. The stock has a market cap of $26.44 billion, a PE ratio of 46.14, a price-to-earnings-growth ratio of 1.79 and a beta of 1.08. The business’s fifty day moving average is $32.36 and its 200-day moving average is $30.38. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The company had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same period last year, the firm earned $0.47 EPS. The firm’s revenue for the quarter was down 12.1% on a year-over-year basis. Equities analysts expect that Corning will post 1.86 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were given a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 3.62%. Corning’s dividend payout ratio (DPR) is presently 167.16%.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. 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.