Corning (NYSE:GLW) Earns Overweight Rating from Morgan Stanley

Morgan Stanley restated their overweight rating on shares of Corning (NYSE:GLW) in a research report released on Monday, Benzinga reports. They currently have a $35.00 price target on the electronics maker’s stock.

Several other equities analysts have also issued reports on GLW. StockNews.com upgraded shares of Corning from a sell rating to a hold rating in a report on Monday, April 1st. Susquehanna restated a positive rating and issued a $40.00 target price on shares of Corning in a report on Monday, April 1st. JPMorgan Chase & Co. boosted their target price on shares of Corning from $34.00 to $36.00 and gave the company a neutral rating in a report on Thursday, April 11th. UBS Group boosted their target price on shares of Corning from $34.00 to $35.00 and gave the company a neutral rating in a report on Monday, April 8th. Finally, HSBC lowered shares of Corning from a hold rating to a reduce rating and set a $29.00 price objective on the stock. in a report on Thursday, February 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Corning presently has an average rating of Hold and a consensus target price of $34.78.

Corning Stock Performance

Shares of Corning stock opened at $31.52 on Monday. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. Corning has a twelve month low of $25.26 and a twelve month high of $36.01. The stock has a market cap of $26.96 billion, a price-to-earnings ratio of 47.04, a P/E/G ratio of 1.75 and a beta of 1.08. The company’s fifty day moving average is $32.30 and its 200 day moving average is $30.43.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting the consensus estimate of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same quarter in the previous year, the firm posted $0.47 earnings per share. Corning’s revenue for the quarter was down 12.1% on a year-over-year basis. Sell-side analysts forecast that Corning will post 1.87 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were issued a $0.28 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.55%. Corning’s dividend payout ratio is presently 167.16%.

Insider Buying and Selling

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.45% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corning

A number of institutional investors have recently added to or reduced their stakes in the company. Keene & Associates Inc. grew its position in Corning by 2.6% in the 1st quarter. Keene & Associates Inc. now owns 98,233 shares of the electronics maker’s stock worth $3,238,000 after purchasing an additional 2,455 shares in the last quarter. V Square Quantitative Management LLC grew its position in Corning by 53.7% in the 1st quarter. V Square Quantitative Management LLC now owns 8,903 shares of the electronics maker’s stock worth $293,000 after purchasing an additional 3,111 shares in the last quarter. Simplicity Wealth LLC bought a new stake in Corning in the 1st quarter worth about $329,000. Assenagon Asset Management S.A. grew its position in Corning by 82.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,724,225 shares of the electronics maker’s stock worth $89,790,000 after purchasing an additional 1,227,863 shares in the last quarter. Finally, Godsey & Gibb Inc. grew its position in Corning by 4.8% in the 1st quarter. Godsey & Gibb Inc. now owns 450,234 shares of the electronics maker’s stock worth $14,840,000 after purchasing an additional 20,730 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.