Corning (NYSE:GLW) Price Target Raised to $39.00

Corning (NYSE:GLW) had its target price hoisted by Morgan Stanley from $38.00 to $39.00 in a report released on Tuesday morning, Benzinga reports. They currently have an equal weight rating on the electronics maker’s stock.

Other equities research analysts have also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Corning from $35.00 to $39.00 and gave the company a hold rating in a research report on Wednesday, July 3rd. Susquehanna restated a positive rating and set a $40.00 target price on shares of Corning in a research report on Monday, April 1st. HSBC upgraded shares of Corning from a reduce rating to a hold rating and set a $37.00 price target for the company in a research report on Tuesday. StockNews.com upgraded Corning from a sell rating to a hold rating in a research note on Monday, April 1st. Finally, JPMorgan Chase & Co. upgraded Corning from a neutral rating to an overweight rating and raised their price objective for the stock from $37.00 to $43.00 in a research note on Thursday, May 30th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Corning currently has an average rating of Hold and an average price target of $42.92.

Corning Stock Performance

Shares of GLW stock opened at $45.06 on Tuesday. Corning has a 52 week low of $25.26 and a 52 week high of $45.87. The company has a market capitalization of $38.60 billion, a price-to-earnings ratio of 63.46, a PEG ratio of 1.69 and a beta of 1.05. The company has a 50-day simple moving average of $37.59 and a 200 day simple moving average of $33.81. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. The company had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.41 earnings per share. On average, sell-side analysts predict that Corning will post 1.94 earnings per share for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 2.49%. Corning’s dividend payout ratio is currently 157.75%.

Insiders Place Their Bets

In other news, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the sale, the executive vice president now directly owns 31,294 shares in the company, valued at $1,034,266.70. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the transaction, the executive vice president now owns 31,294 shares in the company, valued at $1,034,266.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Jeffrey W. Evenson sold 12,830 shares of the stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the sale, the vice president now owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The disclosure for this sale can be found here. Insiders sold a total of 175,207 shares of company stock valued at $5,876,067 in the last 90 days. Corporate insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Cape Investment Advisory Inc. increased its position 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 buying an additional 800 shares during the period. Access Investment Management LLC acquired a new stake in Corning during the 1st quarter worth about $28,000. Bruce G. Allen Investments LLC bought a new position in shares of Corning in the 4th quarter worth about $31,000. EverSource Wealth Advisors LLC lifted its stake in shares of Corning by 347.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 823 shares during the period. Finally, Emfo LLC bought a new stake in shares of Corning during the 4th quarter valued at about $33,000. Institutional investors own 69.80% of the company’s stock.

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.