Corning (NYSE:GLW) Shares Gap Up to $31.78

Corning Incorporated (NYSE:GLW) gapped up before the market opened on Tuesday . The stock had previously closed at $31.78, but opened at $33.12. Corning shares last traded at $33.97, with a volume of 2,667,548 shares trading hands.

Analyst Ratings Changes

Several brokerages recently weighed in on GLW. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Barclays lifted their price target on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. UBS Group lifted their price target on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Morgan Stanley restated an “overweight” rating and issued a $35.00 price target on shares of Corning in a research note on Monday, April 22nd. Finally, Susquehanna restated a “positive” rating and issued a $40.00 price target on shares of Corning in a research note on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Corning presently has a consensus rating of “Hold” and a consensus price target of $34.78.

Corning Trading Up 5.3 %

The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $28.62 billion, a price-to-earnings ratio of 50.33, a PEG ratio of 1.73 and a beta of 1.08. The company has a fifty day moving average of $32.27 and a 200-day moving average of $30.49.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting the consensus estimate of $0.39. The business had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business’s revenue for the quarter was down 12.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.47 EPS. As a group, equities research analysts anticipate that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio is presently 167.16%.

Insider Activity at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction that occurred 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 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 filing with the SEC, which can be accessed through the SEC website. 0.45% of the stock is currently owned by insiders.

Institutional Trading of Corning

Large investors have recently modified their holdings of the stock. Peoples Bank KS purchased a new stake in shares of Corning during the third quarter worth $25,000. OFI Invest Asset Management acquired a new position in shares of Corning during the third quarter worth $25,000. Cape Investment Advisory Inc. grew its stake in shares of Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 800 shares in the last quarter. SRS Capital Advisors Inc. grew its stake in shares of Corning by 232.9% during the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 652 shares in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of Corning during the first quarter worth $33,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Company Profile

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.