Corning (NYSE:GLW) Cut to Hold at ValuEngine

ValuEngine cut shares of Corning (NYSE:GLW) from a buy rating to a hold rating in a research report released on Thursday morning, ValuEngine reports.

GLW has been the topic of a number of other research reports. Zacks Investment Research downgraded shares of Hersha Hospitality Trust from a buy rating to a hold rating in a research note on Thursday, May 2nd. Bank of America reaffirmed a buy rating and set a $105.00 price target (up previously from $100.00) on shares of Zendesk in a research note on Wednesday, May 1st. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of Buy and an average price target of $36.33.

Shares of GLW opened at $33.01 on Thursday. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $25.90 billion, a P/E ratio of 17.56, a price-to-earnings-growth ratio of 1.54 and a beta of 1.20. The firm’s 50 day moving average price is $31.65. Corning has a 1 year low of $27.67 and a 1 year high of $36.56.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.01. The company had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.81 billion. Corning had a net margin of 18.57% and a return on equity of 15.02%. Corning’s revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.31 earnings per share. As a group, equities research analysts expect that Corning will post 1.95 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, May 31st were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date was Thursday, May 30th. Corning’s dividend payout ratio is presently 44.94%.

In other news, VP Christine M. Pambianchi sold 194,960 shares of the firm’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $31.84, for a total value of $6,207,526.40. Following the transaction, the vice president now owns 66,369 shares of the company’s stock, valued at approximately $2,113,188.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.46% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Smith Graham & Co. Investment Advisors LP grew its holdings in Corning by 1.0% during the 1st quarter. Smith Graham & Co. Investment Advisors LP now owns 161,030 shares of the electronics maker’s stock valued at $5,330,000 after purchasing an additional 1,560 shares in the last quarter. Putnam FL Investment Management Co. grew its holdings in Corning by 9.8% during the 4th quarter. Putnam FL Investment Management Co. now owns 6,759 shares of the electronics maker’s stock valued at $204,000 after purchasing an additional 605 shares in the last quarter. Harvest Group Wealth Management LLC acquired a new stake in Corning during the 1st quarter valued at $144,000. Wedgewood Investors Inc. PA grew its holdings in Corning by 3.4% during the 1st quarter. Wedgewood Investors Inc. PA now owns 10,750 shares of the electronics maker’s stock valued at $356,000 after purchasing an additional 350 shares in the last quarter. Finally, Steinberg Global Asset Management grew its holdings in Corning by 11.5% during the 1st quarter. Steinberg Global Asset Management now owns 41,843 shares of the electronics maker’s stock valued at $1,167,000 after purchasing an additional 4,320 shares in the last quarter. 70.59% of the stock is currently owned by institutional investors and hedge funds.

About Corning

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

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Analyst Recommendations for Corning (NYSE:GLW)

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