Corning Incorporated (NYSE:GLW) has received a consensus rating of “Buy” from the twelve brokerages that are covering the firm, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $35.89.
Several research firms have issued reports on GLW. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research note on Monday. UBS Group set a $33.00 target price on Corning and gave the stock a “hold” rating in a report on Tuesday. Citigroup decreased their target price on Corning from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Wednesday. TheStreet upgraded Corning from a “c+” rating to a “b” rating in a report on Wednesday, July 25th. Finally, Guggenheim restated a “buy” rating on shares of Corning in a report on Wednesday, July 25th.
In related news, VP Edward A. Schlesinger sold 3,953 shares of the firm’s stock in a transaction dated Monday, July 30th. The stock was sold at an average price of $33.46, for a total value of $132,267.38. Following the transaction, the vice president now owns 25,991 shares in the company, valued at $869,658.86. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Clark S. Kinlin sold 45,298 shares of the firm’s stock in a transaction dated Wednesday, August 1st. The shares were sold at an average price of $33.15, for a total value of $1,501,628.70. Following the completion of the transaction, the executive vice president now owns 72,741 shares in the company, valued at approximately $2,411,364.15. The disclosure for this sale can be found here. Insiders have sold 414,272 shares of company stock worth $13,759,300 in the last 90 days. Company insiders own 0.46% of the company’s stock.
Corning stock traded down $0.53 during mid-day trading on Friday, hitting $30.92. 458,629 shares of the company were exchanged, compared to its average volume of 6,265,361. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.23 and a quick ratio of 1.58. Corning has a 1-year low of $26.11 and a 1-year high of $36.56. The firm has a market capitalization of $24.97 billion, a P/E ratio of 18.14, a P/E/G ratio of 2.17 and a beta of 1.35.
Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 23rd. The electronics maker reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.03. Corning had a positive return on equity of 12.03% and a negative net margin of 8.32%. The firm had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.99 billion. During the same period in the prior year, the company posted $0.40 earnings per share. The business’s revenue for the quarter was up 15.4% compared to the same quarter last year. On average, equities research analysts predict that Corning will post 1.73 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 16th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend is Thursday, November 15th. Corning’s payout ratio is presently 41.86%.
Corning Company Profile
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
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