Corning (NYSE:GLW) Given a $30.00 Price Target at JPMorgan Chase & Co.

JPMorgan Chase & Co. set a $30.00 target price on Corning (NYSE:GLW) in a research report released on Tuesday, TipRanks reports. The firm currently has a hold rating on the electronics maker’s stock.

GLW has been the subject of several other research reports. Bank of America decreased their price target on Corning from $40.00 to $36.00 and set a buy rating for the company in a research note on Tuesday. Argus set a $42.00 price target on Corning and gave the stock a buy rating in a research note on Wednesday. Citigroup set a $32.00 price target on Corning and gave the stock a buy rating in a research note on Wednesday. TheStreet cut Corning from a b- rating to a c+ rating in a research note on Monday, August 26th. Finally, Deutsche Bank set a $36.00 price target on Corning and gave the stock a buy rating in a research note on Wednesday, July 31st. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $33.67.

GLW traded up $0.16 during trading on Tuesday, reaching $27.76. 6,368,152 shares of the company were exchanged, compared to its average volume of 4,995,551. The stock has a market cap of $22.04 billion, a P/E ratio of 15.60, a PEG ratio of 1.51 and a beta of 1.18. The firm has a 50 day moving average of $28.25 and a 200 day moving average of $31.59. The company has a current ratio of 1.85, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. Corning has a 52 week low of $26.78 and a 52 week high of $36.56.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.01. Corning had a return on equity of 15.60% and a net margin of 12.78%. The company had revenue of $2.94 billion during the quarter, compared to analysts’ expectations of $2.97 billion. During the same quarter in the prior year, the business posted $0.38 earnings per share. The company’s revenue for the quarter was up 7.0% compared to the same quarter last year. As a group, analysts forecast that Corning will post 1.75 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, August 30th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.88%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s dividend payout ratio is 44.94%.

In other news, insider Clark S. Kinlin sold 9,667 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $27.94, for a total transaction of $270,095.98. Following the completion of the sale, the insider now directly owns 70,648 shares of the company’s stock, valued at $1,973,905.12. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.46% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Manchester Financial Inc. purchased a new stake in shares of Corning during the second quarter valued at $29,000. TRUE Private Wealth Advisors purchased a new stake in shares of Corning during the second quarter valued at $31,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Corning during the second quarter valued at $33,000. SRS Capital Advisors Inc. purchased a new stake in Corning in the 2nd quarter worth about $35,000. Finally, Thor Advisors LLC purchased a new stake in Corning in the 1st quarter worth about $35,000. 71.14% of the stock is owned by institutional investors and hedge funds.

Corning Company Profile

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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