Corning (NYSE:GLW) Receives Equal Weight Rating from Morgan Stanley

Morgan Stanley restated their equal weight rating on shares of Corning (NYSE:GLW) in a research note published on Friday morning, Benzinga reports. The firm currently has a $39.00 target price on the electronics maker’s stock.

Several other research firms also recently weighed in on GLW. Oppenheimer restated an outperform rating and set a $50.00 price objective (up previously from $40.00) on shares of Corning in a report on Wednesday, July 10th. Argus upped their target price on shares of Corning from $40.00 to $50.00 and gave the stock a buy rating in a research note on Tuesday, July 9th. Hsbc Global Res upgraded shares of Corning from a moderate sell rating to a hold rating in a research note on Tuesday, July 9th. UBS Group upped their target price on shares of Corning from $38.00 to $44.00 and gave the stock a neutral rating in a research note on Tuesday, July 9th. Finally, Susquehanna reiterated a positive rating and issued a $40.00 target price on shares of Corning in a research note on Monday, April 1st. 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, the company has a consensus rating of Hold and a consensus target price of $44.31.

Corning Stock Performance

GLW opened at $42.67 on Friday. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The company’s fifty day moving average price is $39.99 and its two-hundred day moving average price is $35.03. Corning has a 1-year low of $25.26 and a 1-year high of $46.39. The company has a market cap of $36.55 billion, a price-to-earnings ratio of 60.10, a PEG ratio of 1.58 and a beta of 1.05.

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

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be given a dividend of $0.28 per share. The ex-dividend date is Thursday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 2.62%. Corning’s dividend payout ratio is presently 157.75%.

Insiders Place Their Bets

In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of 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 Securities & Exchange Commission, which is available through the SEC website. In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of 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 Securities & Exchange Commission, which is available through the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction dated 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 owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The disclosure for this sale can be found here. Insiders sold 175,207 shares of company stock worth $5,876,067 over the last quarter. 0.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corning

A number of institutional investors and hedge funds have recently modified their holdings of the company. Hudson Value Partners LLC lifted its holdings in shares of Corning by 1.1% in the second quarter. Hudson Value Partners LLC now owns 106,853 shares of the electronics maker’s stock worth $4,151,000 after buying an additional 1,168 shares in the last quarter. Crewe Advisors LLC lifted its holdings in shares of Corning by 30.8% in the second quarter. Crewe Advisors LLC now owns 4,571 shares of the electronics maker’s stock worth $178,000 after buying an additional 1,077 shares in the last quarter. Minneapolis Portfolio Management Group LLC lifted its holdings in shares of Corning by 0.3% in the second quarter. Minneapolis Portfolio Management Group LLC now owns 941,775 shares of the electronics maker’s stock worth $36,588,000 after buying an additional 3,179 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Corning by 28.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 164,814 shares of the electronics maker’s stock worth $6,403,000 after buying an additional 36,905 shares in the last quarter. Finally, Ameritas Advisory Services LLC lifted its holdings in shares of Corning by 156.8% in the second quarter. Ameritas Advisory Services LLC now owns 16,820 shares of the electronics maker’s stock worth $653,000 after buying an additional 10,270 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other 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.