Barclays Boosts Corning (NYSE:GLW) Price Target to $40.00

Corning (NYSE:GLW) had its target price upped by Barclays from $36.00 to $40.00 in a research note released on Wednesday morning, Benzinga reports. Barclays currently has an equal weight rating on the electronics maker’s stock.

A number of other equities analysts also recently weighed in on the stock. Bank of America lowered their target price on shares of Corning from $47.00 to $46.00 and set a buy rating for the company in a research note on Wednesday. Hsbc Global Res raised shares of Corning from a moderate sell rating to a hold rating in a research note on Tuesday, July 9th. Argus lifted their price target on shares of Corning from $40.00 to $50.00 and gave the company a buy rating in a research note on Tuesday, July 9th. UBS Group lifted their price target on shares of Corning from $38.00 to $44.00 and gave the company a neutral rating in a research note on Tuesday, July 9th. Finally, Oppenheimer reaffirmed an outperform rating and issued a $47.00 price target (down from $50.00) on shares of Corning in a research note on Wednesday. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $45.23.

Corning Price Performance

GLW stock opened at $38.94 on Wednesday. Corning has a 52-week low of $25.26 and a 52-week high of $46.39. The company has a fifty day moving average price of $40.26 and a 200-day moving average price of $35.25. The company has a market capitalization of $33.36 billion, a P/E ratio of 54.85, a PEG ratio of 1.50 and a beta of 1.05. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.02 and a current ratio of 1.57.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter last year, the firm earned $0.45 earnings per share. Corning’s quarterly revenue was up 3.5% on a year-over-year basis. As a group, equities analysts expect that Corning will post 1.9 EPS for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date is Friday, August 30th. Corning’s payout ratio is 157.75%.

Insider Activity

In other news, VP Jeffrey W. Evenson sold 12,830 shares of the business’s 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 sale, 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 is accessible through the SEC website. In other news, VP Jeffrey W. Evenson sold 12,830 shares of the business’s 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 sale, 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 is accessible through the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The shares were 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 directly owns 70,110 shares in the company, valued at approximately $2,326,950.90. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Institutional Trading of Corning

Several hedge funds and other institutional investors have recently modified their holdings of the business. Access Investment Management LLC bought a new stake in Corning during the 1st quarter worth approximately $28,000. Cape Investment Advisory Inc. grew its stake in Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 800 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new stake in shares of Corning in the 1st quarter valued at $33,000. Register Financial Advisors LLC purchased a new stake in shares of Corning in the 1st quarter valued at $33,000. Finally, ESL Trust Services LLC purchased a new stake in shares of Corning in the 1st quarter valued at $33,000. 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.