Corning Incorporated (NYSE:GLW) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Corning Incorporated (NYSE:GLW) have earned a consensus recommendation of “Moderate Buy” from the fourteen brokerages that are currently covering the company, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $45.62.

Several research analysts have commented on the company. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Citigroup upped their target price on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Barclays upped their price target on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. boosted their target price on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Finally, HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target for the company in a report on Tuesday, July 9th.

Corning Stock Up 1.5 %

GLW stock opened at $42.50 on Monday. Corning has a one year low of $25.26 and a one year high of $46.39. The company has a 50 day moving average price of $41.84 and a two-hundred day moving average price of $37.19. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The stock has a market capitalization of $36.37 billion, a P/E ratio of 59.86, a PEG ratio of 1.62 and a beta of 1.04.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.45 EPS. As a group, sell-side analysts expect that Corning will post 1.91 EPS for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.64%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s payout ratio is 157.75%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Access Investment Management LLC bought a new position in shares of Corning during the 1st quarter valued at $28,000. Cape Investment Advisory Inc. increased its position in Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 800 shares during the period. Future Financial Wealth Managment LLC acquired a new stake in shares of Corning in the first quarter worth $33,000. Register Financial Advisors LLC bought a new position in Corning during the first quarter worth $33,000. Finally, ESL Trust Services LLC acquired a new stake in Corning in the 1st quarter worth $33,000. 69.80% of the stock is owned by institutional investors and hedge funds.

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.