Brokerages Set Corning Incorporated (NYSE:GLW) Target Price at $53.31

Shares of Corning Incorporated (NYSE:GLW - Get Free Report) have been given a consensus rating of "Moderate Buy" by the fourteen research firms that are currently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $53.31.

GLW has been the topic of a number of research analyst reports. StockNews.com downgraded Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Mizuho set a $52.00 price objective on Corning in a research note on Tuesday, April 15th. Citigroup lowered their target price on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Hsbc Global Res upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. Finally, Bank of America upped their price target on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th.

Insider Activity

In other Corning news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the sale, the chief operating officer now owns 152,944 shares of the company's stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction dated Thursday, January 30th. The shares were 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.

Institutional Trading of Corning

A number of institutional investors have recently made changes to their positions in the stock. Insight Inv LLC lifted its position in shares of Corning by 1.0% in the 1st quarter. Insight Inv LLC now owns 42,859 shares of the electronics maker's stock worth $1,962,000 after purchasing an additional 411 shares during the period. MorganRosel Wealth Management LLC bought a new stake in shares of Corning during the 1st quarter valued at about $46,000. Red Cedar Investment Management LLC increased its position in Corning by 91.5% in the first quarter. Red Cedar Investment Management LLC now owns 68,925 shares of the electronics maker's stock worth $3,155,000 after buying an additional 32,936 shares in the last quarter. Valley National Advisers Inc. raised its position in shares of Corning by 35.9% during the 1st quarter. Valley National Advisers Inc. now owns 2,873 shares of the electronics maker's stock valued at $131,000 after purchasing an additional 759 shares during the period. Finally, Amalgamated Bank boosted its stake in shares of Corning by 1.1% in the first quarter. Amalgamated Bank now owns 150,703 shares of the electronics maker's stock worth $6,899,000 after acquiring an additional 1,616 shares during the period. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Stock Up 0.4 %

GLW traded up $0.19 during trading on Tuesday, hitting $44.07. 2,192,134 shares of the company's stock were exchanged, compared to its average volume of 5,962,509. Corning has a fifty-two week low of $31.20 and a fifty-two week high of $55.33. The stock has a market cap of $37.76 billion, a P/E ratio of 75.90, a PEG ratio of 1.50 and a beta of 1.03. The business's 50 day moving average is $45.62 and its two-hundred day moving average is $47.58. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

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

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.54%. The ex-dividend date was Friday, February 28th. Corning's dividend payout ratio (DPR) is 193.10%.

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.