Corning Incorporated (NYSE:GLW) Receives Average Recommendation of “Buy” from Brokerages

Corning Incorporated (NYSE:GLW – Get Rating) has been given a consensus recommendation of “Buy” by the twelve research firms that are covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $46.00.

GLW has been the subject of several recent analyst reports. JPMorgan Chase & Co. upped their target price on Corning from $45.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, January 27th. Susquehanna raised Corning from a “neutral” rating to a “positive” rating and upped their target price for the company from $38.00 to $50.00 in a report on Friday, January 28th. Susquehanna Bancshares raised Corning from a “neutral” rating to a “positive” rating and upped their target price for the company from $38.00 to $50.00 in a report on Friday, January 28th. Morgan Stanley reaffirmed a “hold” rating and issued a $40.00 target price on shares of Corning in a report on Thursday, April 14th. Finally, Barclays lowered Corning from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $53.00 to $38.00 in a report on Wednesday, May 11th.

In other Corning news, VP Michael Alan Bell sold 12,529 shares of the stock in a transaction on Friday, April 1st. The stock was sold at an average price of $36.24, for a total transaction of $454,050.96. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Robert P. France sold 2,190 shares of the stock in a transaction on Wednesday, April 20th. The stock was sold at an average price of $35.03, for a total value of $76,715.70. Following the sale, the vice president now owns 30,000 shares in the company, valued at approximately $1,050,900. The disclosure for this sale can be found here. 0.36% of the stock is currently owned by corporate insiders.

Several large investors have recently bought and sold shares of the business. Mackenzie Financial Corp raised its position in shares of Corning by 42.9% in the third quarter. Mackenzie Financial Corp now owns 49,170 shares of the electronics maker’s stock worth $1,794,000 after buying an additional 14,770 shares in the last quarter. JustInvest LLC raised its position in shares of Corning by 12.1% in the third quarter. JustInvest LLC now owns 13,330 shares of the electronics maker’s stock worth $486,000 after buying an additional 1,434 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Corning by 0.4% in the third quarter. Principal Financial Group Inc. now owns 970,537 shares of the electronics maker’s stock worth $35,415,000 after buying an additional 3,906 shares in the last quarter. CIBC Asset Management Inc raised its position in shares of Corning by 106.8% in the third quarter. CIBC Asset Management Inc now owns 139,964 shares of the electronics maker’s stock worth $5,107,000 after buying an additional 72,292 shares in the last quarter. Finally, Geneos Wealth Management Inc. raised its position in shares of Corning by 2.0% in the third quarter. Geneos Wealth Management Inc. now owns 17,156 shares of the electronics maker’s stock worth $634,000 after buying an additional 334 shares in the last quarter. Hedge funds and other institutional investors own 68.71% of the company’s stock.

Shares of Corning stock traded down $0.39 on Friday, hitting $33.13. The company had a trading volume of 6,015,158 shares, compared to its average volume of 5,201,835. The stock has a market capitalization of $27.98 billion, a price-to-earnings ratio of 26.50, a P/E/G ratio of 2.32 and a beta of 0.92. Corning has a 1 year low of $32.24 and a 1 year high of $44.30. The stock has a 50 day moving average of $35.82 and a 200-day moving average of $37.63. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.04 and a current ratio of 1.55.

Corning (NYSE:GLW – Get Rating) last issued its quarterly earnings data on Tuesday, April 26th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.50 by $0.04. The firm had revenue of $3.74 billion during the quarter, compared to the consensus estimate of $3.55 billion. Corning had a return on equity of 21.56% and a net margin of 13.05%. The company’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.45 earnings per share. Equities analysts anticipate that Corning will post 2.36 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 29th. Shareholders of record on Tuesday, May 31st will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 3.26%. The ex-dividend date is Friday, May 27th. Corning’s dividend payout ratio (DPR) is 86.40%.

About Corning (Get Rating)

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.

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