Corning (NYSE:GLW) Upgraded at HSBC

HSBC upgraded shares of Corning (NYSE:GLW) from a reduce rating to a hold rating in a research report sent to investors on Tuesday morning, Marketbeat reports. The firm currently has $37.00 target price on the electronics maker’s stock.

GLW has been the subject of several other reports. Bank of America raised their target price on shares of Corning from $38.00 to $42.00 and gave the company a buy rating in a research note on Friday, June 14th. Deutsche Bank Aktiengesellschaft lifted their target price on Corning from $35.00 to $39.00 and gave the stock a hold rating in a research note on Wednesday, July 3rd. Morgan Stanley cut Corning from an overweight rating to an equal weight rating and increased their price target for the company from $35.00 to $38.00 in a research note on Thursday, June 13th. StockNews.com raised Corning from a sell rating to a hold rating in a report on Monday, April 1st. Finally, Fox Advisors upgraded shares of Corning from an equal weight rating to an overweight rating and set a $45.00 price objective on the stock in a report on Monday, June 17th. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Corning presently has an average rating of Hold and a consensus price target of $42.92.

Corning Stock Performance

Shares of GLW stock opened at $45.06 on Tuesday. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. Corning has a 12 month low of $25.26 and a 12 month high of $45.87. The company’s fifty day simple moving average is $37.59 and its 200-day simple moving average is $33.81. The firm has a market cap of $38.60 billion, a PE ratio of 63.46, a P/E/G ratio of 1.69 and a beta of 1.05.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the previous year, the firm earned $0.41 EPS. The business’s quarterly revenue was down 11.5% on a year-over-year basis. Equities research analysts expect that Corning will post 1.94 EPS for the current fiscal year.

Corning Announces Dividend

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

Insider Transactions at Corning

In related news, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the transaction, the vice president now owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, VP Jeffrey W. Evenson sold 103,437 shares of the business’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 transaction, the vice president now owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction dated 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 transaction, the vice president now owns 57,280 shares in the company, valued at approximately $2,141,699.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 175,207 shares of company stock valued at $5,876,067. 0.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Corning

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bridgefront Capital LLC bought a new stake in shares of Corning during the fourth quarter worth $813,000. Natixis Advisors L.P. grew its position in Corning by 29.6% during the 4th quarter. Natixis Advisors L.P. now owns 131,323 shares of the electronics maker’s stock worth $3,998,000 after acquiring an additional 30,001 shares during the last quarter. Wahed Invest LLC grew its position in Corning by 8.6% during the 4th quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock worth $395,000 after acquiring an additional 1,028 shares during the last quarter. KMG Fiduciary Partners LLC acquired a new position in Corning in the 4th quarter worth about $1,199,000. Finally, Belpointe Asset Management LLC raised its position in Corning by 26.4% in the fourth quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock valued at $253,000 after purchasing an additional 1,740 shares during 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.