Corning (NYSE:GLW) Given New $53.00 Price Target at Barclays

Corning (NYSE:GLW) had its price objective increased by Barclays from $40.00 to $53.00 in a report released on Tuesday, Benzinga reports. They currently have an equal weight rating on the electronics maker’s stock.

Several other research firms have also recently weighed in on GLW. Bank of America increased their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and increased their price target for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. JPMorgan Chase & Co. boosted their price objective on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Citigroup increased their target price on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Finally, UBS Group boosted their price target on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research note on Tuesday, July 9th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $50.08.

Corning Stock Performance

Shares of GLW opened at $47.59 on Tuesday. The company has a market capitalization of $40.72 billion, a PE ratio of 279.94, a price-to-earnings-growth ratio of 1.61 and a beta of 1.04. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 0.98. Corning has a one year low of $26.41 and a one year high of $51.03. The company’s fifty day moving average price is $44.40 and its 200 day moving average price is $40.22.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the company posted $0.45 earnings per share. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. As a group, analysts expect that Corning will post 1.93 earnings per share for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.35%. Corning’s dividend payout ratio is presently 658.82%.

Hedge Funds Weigh In On Corning

Several institutional investors have recently added to or reduced their stakes in the company. Park Avenue Securities LLC bought a new position in shares of Corning in the first quarter valued at approximately $252,000. Diversified Trust Co boosted its stake in Corning by 10.8% in the first quarter. Diversified Trust Co now owns 12,254 shares of the electronics maker’s stock worth $404,000 after purchasing an additional 1,191 shares in the last quarter. Claro Advisors LLC grew its holdings in shares of Corning by 7.8% during the first quarter. Claro Advisors LLC now owns 7,490 shares of the electronics maker’s stock worth $247,000 after purchasing an additional 541 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Corning by 2.1% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker’s stock valued at $69,109,000 after buying an additional 42,832 shares in the last quarter. Finally, Azzad Asset Management Inc. ADV raised its holdings in shares of Corning by 0.7% in the first quarter. Azzad Asset Management Inc. ADV now owns 76,404 shares of the electronics maker’s stock valued at $2,518,000 after buying an additional 548 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

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.