Corning (NYSE:GLW) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Corning (NYSE:GLW - Free Report) from a hold rating to a buy rating in a research note published on Wednesday.

Several other brokerages have also commented on GLW. Bank of America upped their price target on shares of Corning from $46.00 to $51.00 and gave the stock a "buy" rating in a research report on Friday, September 20th. Barclays raised their price target on shares of Corning from $40.00 to $53.00 and gave the company an "equal weight" rating in a report on Tuesday, October 29th. UBS Group raised their price target on shares of Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a report on Wednesday, October 30th. Susquehanna raised their price target on shares of Corning from $46.00 to $55.00 and gave the company a "positive" rating in a report on Friday, September 20th. Finally, Mizuho raised shares of Corning from a "neutral" rating to an "outperform" rating and raised their price target for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Corning has a consensus rating of "Moderate Buy" and a consensus target price of $50.08.

Corning Price Performance

Shares of NYSE GLW traded down $0.02 on Wednesday, hitting $49.15. The company's stock had a trading volume of 2,561,175 shares, compared to its average volume of 5,594,210. Corning has a 12-month low of $28.30 and a 12-month high of $51.03. The company has a market capitalization of $42.08 billion, a price-to-earnings ratio of 289.12, a price-to-earnings-growth ratio of 1.57 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The stock has a 50 day moving average of $47.04 and a 200-day moving average of $42.80.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company's revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.45 earnings per share. As a group, research analysts predict that Corning will post 1.95 EPS for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors 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 annualized dividend and a yield of 2.28%. Corning's dividend payout ratio is presently 658.82%.

Insider Activity at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the business's stock in a transaction dated 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 directly owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Cetera Investment Advisers grew its position in Corning by 115.0% during the first quarter. Cetera Investment Advisers now owns 178,087 shares of the electronics maker's stock valued at $5,870,000 after purchasing an additional 95,245 shares in the last quarter. Cetera Advisors LLC lifted its stake in Corning by 126.5% in the first quarter. Cetera Advisors LLC now owns 53,129 shares of the electronics maker's stock valued at $1,751,000 after acquiring an additional 29,669 shares during the last quarter. GAMMA Investing LLC lifted its stake in Corning by 46.1% in the second quarter. GAMMA Investing LLC now owns 2,042 shares of the electronics maker's stock valued at $79,000 after acquiring an additional 644 shares during the last quarter. Valeo Financial Advisors LLC lifted its stake in Corning by 8.5% in the second quarter. Valeo Financial Advisors LLC now owns 8,002 shares of the electronics maker's stock valued at $311,000 after acquiring an additional 624 shares during the last quarter. Finally, Simplicity Wealth LLC lifted its stake in Corning by 12.0% in the second quarter. Simplicity Wealth LLC now owns 11,186 shares of the electronics maker's stock valued at $435,000 after acquiring an additional 1,202 shares during the last quarter. 69.80% of the stock is 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.