“We believe 3M’s product portfolio is roughly 50% optical (adding to GLW’s already-broad portfolio of optical fiber, components and systems) and 50% still copper connectivity, but we believe 3M grows GLW’s reach into incremental new carriers (particularly in international geos), and its copper-installed base should set GLW up to benefit from those networks ultimately migrating toward more fiber (e.g., FTTH).”,” the firm’s analyst commented.
Other equities research analysts also recently issued reports about the stock. Deutsche Bank boosted their target price on shares of Corning from $33.00 to $35.00 and gave the stock a buy rating in a research report on Wednesday, October 25th. BidaskClub raised shares of Corning from a hold rating to a buy rating in a research report on Saturday, August 26th. Jefferies Group reissued a hold rating and set a $29.50 target price on shares of Corning in a research report on Friday, October 6th. Oppenheimer reissued a hold rating on shares of Corning in a research report on Wednesday, October 25th. Finally, Zacks Investment Research raised shares of Corning from a strong sell rating to a hold rating in a research report on Thursday, October 26th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Corning presently has a consensus rating of Hold and an average price target of $29.28.
Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 EPS for the quarter, topping the consensus estimate of $0.41 by $0.02. The company had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.42 earnings per share. equities research analysts predict that Corning will post 1.7 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be given a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date of this dividend is Wednesday, November 15th. Corning’s payout ratio is 26.38%.
In other news, insider Mark S. Rogus sold 9,242 shares of the stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $32.12, for a total transaction of $296,853.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Hansel E. Tookes II sold 6,513 shares of the stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $31.60, for a total transaction of $205,810.80. Following the transaction, the director now directly owns 88,946 shares of the company’s stock, valued at $2,810,693.60. The disclosure for this sale can be found here. Insiders sold a total of 294,561 shares of company stock valued at $9,254,498 over the last ninety days. 0.59% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the company. Andra AP fonden grew its position in shares of Corning by 3.4% during the 2nd quarter. Andra AP fonden now owns 166,100 shares of the electronics maker’s stock valued at $4,991,000 after acquiring an additional 5,500 shares during the period. Legal & General Group Plc grew its position in shares of Corning by 2.9% during the 2nd quarter. Legal & General Group Plc now owns 5,063,968 shares of the electronics maker’s stock valued at $152,175,000 after acquiring an additional 144,400 shares during the period. Convergence Investment Partners LLC grew its position in shares of Corning by 21.1% during the 2nd quarter. Convergence Investment Partners LLC now owns 101,315 shares of the electronics maker’s stock valued at $3,045,000 after acquiring an additional 17,670 shares during the period. BB&T Securities LLC grew its position in shares of Corning by 33.6% during the 2nd quarter. BB&T Securities LLC now owns 135,775 shares of the electronics maker’s stock valued at $4,080,000 after acquiring an additional 34,132 shares during the period. Finally, Wedbush Securities Inc. grew its position in shares of Corning by 0.4% during the 2nd quarter. Wedbush Securities Inc. now owns 10,567 shares of the electronics maker’s stock valued at $318,000 after acquiring an additional 41 shares during the period. 72.43% of the stock is owned by hedge funds and other institutional investors.
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Corning Company Profile
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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