Corning (NYSE:GLW) Stock Price Up 2.2%

Corning Incorporated (NYSE:GLW) shot up 2.2% on Tuesday . The company traded as high as $38.62 and last traded at $38.59. 1,306,380 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 6,221,426 shares. The stock had previously closed at $37.76.

Wall Street Analysts Forecast Growth

GLW has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft upgraded Corning from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a research note on Wednesday, July 31st. Mizuho raised their price target on shares of Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 18th. Bank of America lowered their price objective on shares of Corning from $47.00 to $46.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Finally, Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price for the company in a research note on Monday, June 17th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average price target of $45.23.

Corning Trading Up 1.5 %

The company has a current ratio of 1.57, a quick ratio of 1.02 and a debt-to-equity ratio of 0.63. The firm has a 50-day moving average of $40.29 and a 200 day moving average of $35.34. The stock has a market capitalization of $32.83 billion, a price-to-earnings ratio of 54.35, a PEG ratio of 1.50 and a beta of 1.05.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period last year, the company earned $0.45 earnings per share. As a group, equities analysts predict that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio is currently 157.75%.

Insider Activity at Corning

In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction that occurred 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 sale, the vice president now directly owns 57,280 shares in the company, valued at $2,141,699.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Corning

Several hedge funds and other institutional investors have recently bought and sold shares of the business. DAVENPORT & Co LLC grew its position in Corning by 2.8% in the fourth quarter. DAVENPORT & Co LLC now owns 16,893 shares of the electronics maker’s stock worth $514,000 after buying an additional 454 shares during the last quarter. Asset Management One Co. Ltd. grew its holdings in shares of Corning by 0.3% in the 4th quarter. Asset Management One Co. Ltd. now owns 341,345 shares of the electronics maker’s stock worth $10,455,000 after acquiring an additional 1,036 shares during the last quarter. International Assets Investment Management LLC acquired a new position in shares of Corning in the 4th quarter worth $4,275,000. Allworth Financial LP raised its position in shares of Corning by 31.6% during the fourth quarter. Allworth Financial LP now owns 16,033 shares of the electronics maker’s stock worth $488,000 after purchasing an additional 3,848 shares during the period. Finally, Prime Capital Investment Advisors LLC lifted its holdings in shares of Corning by 45.4% during the fourth quarter. Prime Capital Investment Advisors LLC now owns 14,296 shares of the electronics maker’s stock valued at $435,000 after purchasing an additional 4,461 shares during the last quarter. 69.80% of the stock is currently 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.