Corning (NYSE:GLW) Price Target Raised to $50.00

Corning (NYSE:GLW) had its price objective increased by Argus from $40.00 to $50.00 in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. The firm currently has a buy rating on the electronics maker’s stock.

A number of other equities research analysts also recently commented on GLW. Susquehanna restated a positive rating and issued a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. Morgan Stanley lifted their price target on shares of Corning from $38.00 to $39.00 and gave the company an equal weight rating in a research report on Tuesday. Mizuho lifted their price target on shares of Corning from $36.00 to $42.00 and gave the company a neutral rating in a research report on Tuesday, June 18th. UBS Group lifted their price target on shares of Corning from $35.00 to $38.00 and gave the company a neutral rating in a research report on Thursday, May 30th. Finally, Fox Advisors upgraded shares of Corning from an equal weight rating to an overweight rating and set a $45.00 price target for the company in a research report on Monday, June 17th. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Corning currently has an average rating of Hold and an average target price of $42.92.

Corning Price Performance

Shares of GLW opened at $45.06 on Tuesday. 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 company has a market capitalization of $38.60 billion, a price-to-earnings ratio of 63.46, a price-to-earnings-growth ratio of 1.69 and a beta of 1.05. Corning has a fifty-two week low of $25.26 and a fifty-two week high of $45.87. The firm has a 50-day simple moving average of $37.59 and a 200-day simple moving average of $33.81.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. The firm had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm’s revenue was down 11.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.41 earnings per share. On average, equities research analysts anticipate that Corning will post 1.94 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a dividend of $0.28 per share. The ex-dividend date is Thursday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.49%. Corning’s dividend payout ratio (DPR) is 157.75%.

Insiders Place Their Bets

In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the sale, the vice president now directly owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the sale, the vice president now directly owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The disclosure for this sale can be found here. In the last three months, insiders sold 175,207 shares of company stock valued at $5,876,067. Company insiders own 0.40% of the company’s stock.

Hedge Funds Weigh In On Corning

A number of hedge funds have recently made changes to their positions in GLW. Norges Bank acquired a new position in shares of Corning in the 4th quarter valued at $247,721,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Corning by 35.1% in 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 boosted its holdings in shares of Corning by 9.0% in 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. boosted its holdings in shares of Corning by 41.7% in 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 boosted its holdings in shares of Corning by 2,405.2% in 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. Institutional investors and hedge funds 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.