Shares of Corning Incorporated (NYSE:GLW) have received a consensus recommendation of “Hold” from the nineteen research firms that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $28.90.
Several research firms have recently commented on GLW. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Morgan Stanley reiterated an “equal weight” rating and set a $29.00 price objective (up from $26.00) on shares of Corning in a research note on Monday, June 19th. BidaskClub downgraded Corning from a “buy” rating to a “hold” rating in a research note on Saturday, August 19th. Jefferies Group LLC reiterated a “hold” rating and set a $27.50 price objective on shares of Corning in a research note on Friday, July 14th. Finally, Susquehanna Bancshares Inc reiterated a “positive” rating on shares of Corning in a research note on Thursday, July 13th.
In other news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $28.61, for a total transaction of $1,376,856.25. Following the completion of the transaction, the insider now directly owns 136,079 shares in the company, valued at approximately $3,893,220.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Clark S. Kinlin sold 46,763 shares of the stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $28.53, for a total value of $1,334,148.39. Following the transaction, the insider now owns 72,039 shares of the company’s stock, valued at $2,055,272.67. The disclosure for this sale can be found here. Insiders sold a total of 127,888 shares of company stock valued at $3,653,485 over the last 90 days. 0.59% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of GLW. BlackRock Inc. boosted its position in shares of Corning by 1,930.0% during the 1st quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock valued at $1,534,712,000 after acquiring an additional 54,041,176 shares during the last quarter. Janus Henderson Group PLC boosted its position in shares of Corning by 4,900.2% during the 2nd quarter. Janus Henderson Group PLC now owns 5,881,755 shares of the electronics maker’s stock valued at $176,747,000 after acquiring an additional 5,764,125 shares during the last quarter. Wedge Capital Management L L P NC bought a new position in shares of Corning during the 1st quarter valued at approximately $58,813,000. Janus Capital Management LLC boosted its position in shares of Corning by 60.3% during the 1st quarter. Janus Capital Management LLC now owns 5,657,868 shares of the electronics maker’s stock valued at $152,763,000 after acquiring an additional 2,127,260 shares during the last quarter. Finally, Gotham Asset Management LLC boosted its position in shares of Corning by 17,844.0% during the 1st quarter. Gotham Asset Management LLC now owns 1,717,781 shares of the electronics maker’s stock valued at $46,380,000 after acquiring an additional 1,708,208 shares during the last quarter. Hedge funds and other institutional investors own 71.35% of the company’s stock.
Corning (NYSE:GLW) opened at 29.35 on Friday. The firm’s 50-day moving average is $28.86 and its 200-day moving average is $28.83. The company has a market cap of $26.51 billion, a price-to-earnings ratio of 13.11 and a beta of 1.40. Corning has a 12 month low of $22.23 and a 12 month high of $32.17.
Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The firm had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same quarter in the prior year, the firm earned $0.37 EPS. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, analysts anticipate that Corning will post $1.70 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be paid a $0.155 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $0.62 annualized dividend and a yield of 2.11%. Corning’s payout ratio is 27.93%.
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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