Corning (NYSE:GLW) Price Target Raised to $46.00

Corning (NYSE:GLW) had its price target raised by Deutsche Bank Aktiengesellschaft from $39.00 to $46.00 in a report released on Tuesday, Benzinga reports. They currently have a hold rating on the electronics maker’s stock.

GLW has been the topic of several other reports. UBS Group boosted their price objective on Corning from $35.00 to $38.00 and gave the company a neutral rating in a research report on Thursday, May 30th. Mizuho boosted their price objective on Corning from $36.00 to $42.00 and gave the company a neutral rating in a research report on Tuesday, June 18th. Argus boosted their price objective on Corning from $40.00 to $50.00 and gave the company a buy rating in a research report on Tuesday. Bank of America boosted their target price on Corning from $38.00 to $42.00 and gave the stock a buy rating in a research report on Friday, June 14th. Finally, StockNews.com upgraded Corning from a sell rating to a hold rating in a research report on Monday, April 1st. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Hold and an average price target of $42.92.

Corning Price Performance

NYSE GLW opened at $45.06 on Tuesday. The company has a market capitalization of $38.60 billion, a PE ratio of 63.46, a price-to-earnings-growth ratio of 1.69 and a beta of 1.05. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The business’s fifty day moving average is $37.59 and its 200 day moving average is $33.81. Corning has a fifty-two week low of $25.26 and a fifty-two week high of $45.87.

Corning (NYSE:GLW) last released its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. The company had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. Corning’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.41 earnings per share. Sell-side analysts predict that Corning will post 1.94 earnings per share for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.49%. Corning’s payout ratio is 157.75%.

Insider Activity at Corning

In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the sale, the vice president now owns 70,110 shares in the company, valued at $2,326,950.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Corning news, VP Martin J. Curran sold 16,416 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $33.70, for a total transaction of $553,219.20. Following the completion of the sale, the vice president now owns 65,598 shares in the company, valued at $2,210,652.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $33.19, for a total value of $3,433,074.03. Following the sale, the vice president now owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The disclosure for this sale can be found here. Over the last quarter, insiders sold 175,207 shares of company stock worth $5,876,067. Company insiders own 0.40% of the company’s stock.

Institutional Trading of Corning

Several hedge funds and other institutional investors have recently made changes to their positions in GLW. Norges Bank purchased a new stake in shares of Corning during the 4th quarter valued at $247,721,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Corning by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after purchasing an additional 4,464,893 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Corning by 9.0% during the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after purchasing an additional 2,597,878 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Corning by 41.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after purchasing an additional 1,828,097 shares during the last quarter. Finally, Natixis lifted its holdings in shares of Corning by 2,405.2% during the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after purchasing an additional 1,735,638 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

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.