Corning Incorporated (NYSE:GLW)‘s stock had its “buy” rating reiterated by investment analysts at Deutsche Bank AG in a research note issued to investors on Saturday, April 29th. They presently have a $33.00 price objective on the electronics maker’s stock, up from their previous price objective of $30.00. Deutsche Bank AG’s target price indicates a potential upside of 14.70% from the company’s current price.
Several other research analysts also recently weighed in on GLW. Guggenheim initiated coverage on shares of Corning in a research note on Wednesday, January 4th. They issued a “buy” rating and a $28.00 target price for the company. Zacks Investment Research upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $27.00 target price for the company in a research note on Tuesday, January 10th. Susquehanna Bancshares Inc reiterated a “positive” rating and set a $27.00 price objective on shares of Corning in a research note on Friday, January 20th. Bank of America Corp upgraded shares of Corning from an “underperform” rating to a “neutral” rating in a research note on Tuesday, January 24th. Finally, Drexel Hamilton reiterated a “sell” rating and set a $14.50 price objective on shares of Corning in a research note on Tuesday, January 24th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the stock. Corning presently has an average rating of “Hold” and a consensus price target of $27.13.
Shares of Corning (NYSE:GLW) traded up 1.39% during trading on Friday, reaching $29.17. 2,372,320 shares of the company were exchanged. The stock has a market capitalization of $26.84 billion, a P/E ratio of 7.73 and a beta of 1.36. Corning has a 1-year low of $18.88 and a 1-year high of $29.72. The firm has a 50-day moving average price of $27.94 and a 200-day moving average price of $26.09.
Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 25th. The electronics maker reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.04. The business had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.37 billion. Corning had a net margin of 39.35% and a return on equity of 10.90%. The business’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.28 earnings per share. Equities research analysts predict that Corning will post $1.75 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Wednesday, May 31st will be issued a $0.155 dividend. The ex-dividend date of this dividend is Friday, May 26th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.16%. Corning’s dividend payout ratio (DPR) is presently 16.67%.
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In other Corning news, CEO Wendell P. Weeks sold 41,075 shares of the firm’s stock in a transaction dated Wednesday, April 26th. The shares were sold at an average price of $28.46, for a total transaction of $1,168,994.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Wendell P. Weeks sold 153,500 shares of the firm’s stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $28.01, for a total transaction of $4,299,535.00. Following the transaction, the chief executive officer now directly owns 153,500 shares in the company, valued at approximately $4,299,535. The disclosure for this sale can be found here. In the last ninety days, insiders sold 281,030 shares of company stock worth $7,912,485. Corporate insiders own 0.60% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Central Bank & Trust Co. boosted its position in Corning by 515.2% in the first quarter. Central Bank & Trust Co. now owns 3,919 shares of the electronics maker’s stock valued at $106,000 after buying an additional 3,282 shares during the last quarter. Coconut Grove Bank raised its position in Corning by 92.8% in the first quarter. Coconut Grove Bank now owns 3,990 shares of the electronics maker’s stock valued at $108,000 after buying an additional 1,920 shares during the period. Jacobus Wealth Management Inc. acquired a new position in Corning during the first quarter valued at $108,000. Wall Street Access Asset Management LLC acquired a new position in Corning during the fourth quarter valued at $109,000. Finally, Rowland & Co. Investment Counsel ADV acquired a new position in Corning during the third quarter valued at $111,000. 76.84% of the stock is currently owned by hedge funds and other institutional investors.
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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