Corning Incorporated (NYSE:GLW) Receives $50.77 Consensus Target Price from Analysts

Shares of Corning Incorporated (NYSE:GLW - Get Free Report) have received a consensus rating of "Moderate Buy" from the fourteen analysts that are currently covering the stock, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $50.77.

A number of research analysts have commented on GLW shares. Morgan Stanley upped their price target on Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday. Oppenheimer reiterated an "outperform" rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. StockNews.com cut Corning from a "buy" rating to a "hold" rating in a research note on Monday. UBS Group increased their price objective on Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a research note on Wednesday, October 30th. Finally, Barclays increased their price objective on Corning from $40.00 to $53.00 and gave the company an "equal weight" rating in a research note on Tuesday, October 29th.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares of the company's stock, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. FMR LLC raised its position in shares of Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock worth $168,095,000 after purchasing an additional 1,285,836 shares during the last quarter. MBB Public Markets I LLC grew its stake in shares of Corning by 806.7% during the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker's stock valued at $2,524,000 after buying an additional 57,800 shares during the period. Transamerica Financial Advisors Inc. increased its holdings in Corning by 529.6% in the 3rd quarter. Transamerica Financial Advisors Inc. now owns 16,533 shares of the electronics maker's stock valued at $747,000 after purchasing an additional 13,907 shares in the last quarter. Dark Forest Capital Management LP acquired a new stake in Corning in the 2nd quarter valued at $511,000. Finally, National Pension Service increased its holdings in Corning by 11.3% in the 3rd quarter. National Pension Service now owns 1,508,868 shares of the electronics maker's stock valued at $68,125,000 after purchasing an additional 152,922 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Trading Down 2.6 %

Corning stock traded down $1.25 during mid-day trading on Wednesday, hitting $46.51. The company's stock had a trading volume of 4,463,287 shares, compared to its average volume of 5,539,530. The firm has a market capitalization of $39.82 billion, a PE ratio of 273.59, a price-to-earnings-growth ratio of 1.54 and a beta of 1.03. Corning has a 1 year low of $29.71 and a 1 year high of $51.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock's fifty day moving average is $47.71 and its two-hundred day moving average is $43.58.

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

Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 15th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend was Friday, November 15th. Corning's dividend payout ratio is currently 658.82%.

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.