JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Corning (NYSE:GLW) Stock

Corning (NYSE:GLW) had its target price increased by JPMorgan Chase & Co. from $55.00 to $60.00 in a research report report published on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the electronics maker’s stock.

A number of other equities analysts have also recently weighed in on GLW. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a report on Wednesday. Susquehanna upped their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target for the company in a report on Tuesday, July 9th. Argus upped their price target on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and an average target price of $50.08.

Corning Stock Up 1.6 %

Shares of GLW opened at $48.36 on Wednesday. Corning has a 52 week low of $26.71 and a 52 week high of $51.03. The company has a quick ratio of 0.98, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $41.38 billion, a price-to-earnings ratio of 284.47, a PEG ratio of 1.52 and a beta of 1.03. The stock’s 50-day moving average price is $44.52 and its 200-day moving average price is $40.40.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. Corning’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.45 EPS. On average, sell-side analysts predict that Corning will post 1.95 EPS for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.32%. Corning’s dividend payout ratio (DPR) is presently 658.82%.

Institutional Investors Weigh In On Corning

A number of large investors have recently made changes to their positions in the stock. Access Investment Management LLC purchased a new position in Corning in the first quarter worth approximately $28,000. City Holding Co. grew its position in Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 600 shares during the period. ESL Trust Services LLC purchased a new position in Corning in the first quarter worth approximately $33,000. Accordant Advisory Group Inc purchased a new position in Corning in the second quarter worth approximately $39,000. Finally, Global Trust Asset Management LLC grew its position in Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after acquiring an additional 900 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

About Corning

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.