Corning (NYSE:GLW) Price Target Lowered to $46.00 at Bank of America

Corning (NYSE:GLW) had its price objective trimmed by Bank of America from $47.00 to $46.00 in a report published on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the electronics maker’s stock.

A number of other research firms also recently weighed in on GLW. Hsbc Global Res upgraded Corning from a moderate sell rating to a hold rating in a report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft upgraded Corning from a hold rating to a buy rating and set a $46.00 price target on the stock in a research note on Wednesday. Oppenheimer restated an outperform rating and issued a $50.00 price target (up previously from $40.00) on shares of Corning in a research note on Wednesday, July 10th. HSBC upgraded Corning from a reduce rating to a hold rating and set a $37.00 price target on the stock in a research note on Tuesday, July 9th. Finally, Citigroup upped their price target on Corning from $45.00 to $51.00 and gave the stock a buy rating in a research note on Friday, July 12th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Corning presently has an average rating of Moderate Buy and a consensus target price of $45.23.

Corning Trading Down 2.7 %

GLW opened at $38.94 on Wednesday. Corning has a one year low of $25.26 and a one year high of $46.39. The business has a 50 day simple moving average of $40.26 and a two-hundred day simple moving average of $35.25. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 1.02. The firm has a market capitalization of $33.36 billion, a price-to-earnings ratio of 54.85, a PEG ratio of 1.50 and a beta of 1.05.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter in the prior year, the business earned $0.45 EPS. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. Analysts predict that Corning will post 1.9 EPS for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.88%. Corning’s payout ratio is 157.75%.

Insider Activity

In other news, VP Jeffrey W. Evenson sold 12,830 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the transaction, the vice president now directly owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the transaction, the vice president now directly owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Jeffrey W. Evenson sold 12,830 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the transaction, the vice president now directly owns 57,280 shares in the company, valued at $2,141,699.20. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Hedge Funds Weigh In On Corning

Institutional investors have recently bought and sold shares of the stock. Cape Investment Advisory Inc. raised its holdings 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 purchasing an additional 800 shares during the period. Access Investment Management LLC bought a new position in Corning in the 1st quarter worth $28,000. EverSource Wealth Advisors LLC raised its holdings in Corning by 347.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 823 shares during the period. Emfo LLC bought a new position in Corning in the 4th quarter worth $33,000. Finally, Future Financial Wealth Managment LLC bought a new position in Corning in the 1st quarter worth $33,000. 69.80% of the stock is owned by institutional investors.

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.