Citigroup Has Lowered Expectations for Corning (NYSE:GLW) Stock Price

Corning (NYSE:GLW - Free Report) had its target price lowered by Citigroup from $58.00 to $50.00 in a report issued on Monday, Marketbeat Ratings reports. Citigroup currently has a buy rating on the electronics maker's stock.

Several other research firms have also weighed in on GLW. Morgan Stanley lifted their target price on Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a report on Tuesday, December 17th. Barclays dropped their target price on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 29th. StockNews.com lowered shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. Finally, HSBC raised Corning from a "hold" rating to a "buy" rating and raised their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $53.31.

Corning Price Performance

Shares of Corning stock traded up $0.22 during trading on Monday, hitting $41.50. The stock had a trading volume of 4,976,031 shares, compared to its average volume of 5,941,917. The business has a fifty day moving average of $46.42 and a two-hundred day moving average of $47.65. Corning has a fifty-two week low of $30.91 and a fifty-two week high of $55.33. The firm has a market cap of $35.55 billion, a P/E ratio of 71.55, a PEG ratio of 1.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating analysts' consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. On average, sell-side analysts expect that Corning will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.70%. The ex-dividend date was Friday, February 28th. Corning's payout ratio is presently 193.10%.

Insider Activity

In related news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the sale, the chief operating officer now directly owns 152,944 shares of the company's stock, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the company's stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company's stock.

Hedge Funds Weigh In On Corning

A number of hedge funds have recently modified their holdings of the business. Insigneo Advisory Services LLC raised its position in Corning by 51.6% during the 1st quarter. Insigneo Advisory Services LLC now owns 11,744 shares of the electronics maker's stock worth $538,000 after purchasing an additional 3,995 shares during the last quarter. NBT Bank N A NY raised its position in shares of Corning by 64.8% during the first quarter. NBT Bank N A NY now owns 12,943 shares of the electronics maker's stock worth $593,000 after acquiring an additional 5,087 shares during the last quarter. Patton Fund Management Inc. bought a new stake in Corning in the first quarter valued at approximately $5,020,000. Grove Bank & Trust increased its position in Corning by 126.8% during the 1st quarter. Grove Bank & Trust now owns 4,214 shares of the electronics maker's stock valued at $193,000 after purchasing an additional 2,356 shares during the period. Finally, QRG Capital Management Inc. raised its holdings in Corning by 10.1% during the 1st quarter. QRG Capital Management Inc. now owns 42,312 shares of the electronics maker's stock worth $1,937,000 after purchasing an additional 3,883 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

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.