Corning (NYSE:GLW) Price Target Raised to $55.00 at Susquehanna

Corning (NYSE:GLW) had its target price boosted by Susquehanna from $46.00 to $55.00 in a research note released on Friday morning, Benzinga reports. The brokerage currently has a positive rating on the electronics maker’s stock.

GLW has been the subject of several other reports. HSBC raised shares of Corning from a reduce rating to a hold rating and set a $37.00 target price for the company in a report on Tuesday, July 9th. Oppenheimer reaffirmed an outperform rating and set a $47.00 price objective (down from $50.00) on shares of Corning in a report on Wednesday, July 31st. Mizuho raised shares of Corning from a neutral rating to an outperform rating and increased their price objective for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Fox Advisors raised shares of Corning from an equal weight rating to an overweight rating and set a $45.00 price objective for the company in a report on Monday, June 17th. Finally, Morgan Stanley reaffirmed an equal weight rating and set a $39.00 price objective on shares of Corning in a report on Friday, July 26th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $47.00.

Corning Price Performance

NYSE GLW opened at $44.66 on Friday. Corning has a 52 week low of $25.26 and a 52 week high of $46.39. The firm has a market capitalization of $38.25 billion, a P/E ratio of 62.89, a PEG ratio of 1.66 and a beta of 1.04. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The company has a 50-day moving average price of $41.71 and a 200-day moving average price of $37.66.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.01. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.45 EPS. Equities research analysts anticipate that Corning will post 1.91 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 dividend of $0.28 per share. The ex-dividend date is Friday, August 30th. This represents a $1.12 annualized dividend and a yield of 2.51%. Corning’s payout ratio is 157.75%.

Institutional Trading of Corning

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Grove Bank & Trust raised its position in Corning by 21.5% in the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after purchasing an additional 250 shares during the period. Burns J W & Co. Inc. NY raised its position in Corning by 1.9% in the 2nd quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock worth $524,000 after purchasing an additional 251 shares during the period. Long Run Wealth Advisors LLC raised its position in Corning by 0.8% in the 2nd quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock worth $1,306,000 after purchasing an additional 274 shares during the period. Mark Sheptoff Financial Planning LLC raised its position in Corning by 21.2% in the 2nd quarter. Mark Sheptoff Financial Planning LLC now owns 1,575 shares of the electronics maker’s stock worth $61,000 after purchasing an additional 275 shares during the period. Finally, Legacy Capital Group California Inc. raised its position in Corning by 1.0% in the 2nd quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock worth $1,121,000 after purchasing an additional 278 shares during the period. 69.80% of the stock is owned by hedge funds and other 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.