JPMorgan Chase & Co. Issues Pessimistic Forecast for Corning (NYSE:GLW) Stock Price

Corning (NYSE:GLW - Free Report) had its price objective lowered by JPMorgan Chase & Co. from $62.00 to $50.00 in a research report released on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the electronics maker's stock.

A number of other equities research analysts have also recently weighed in on GLW. Mizuho set a $52.00 price target on Corning in a report on Tuesday, April 15th. Citigroup lowered their price objective on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, April 14th. StockNews.com lowered shares of Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. Finally, Barclays decreased their price target on Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a report on Wednesday, January 29th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Corning presently has a consensus rating of "Moderate Buy" and an average target price of $53.31.

Corning Stock Performance

Shares of NYSE:GLW traded up $0.86 during trading on Thursday, reaching $41.56. The stock had a trading volume of 1,636,647 shares, compared to its average volume of 5,927,677. Corning has a 52 week low of $31.20 and a 52 week high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $35.61 billion, a price-to-earnings ratio of 71.51, a P/E/G ratio of 1.50 and a beta of 1.03. The stock has a fifty day simple moving average of $46.19 and a two-hundred day simple moving average of $47.66.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping the consensus estimate 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, analysts anticipate that Corning will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.69%. Corning's dividend payout ratio is presently 193.10%.

Insiders Place Their Bets

In related news, SVP Michael Alan Bell sold 2,209 shares of the business's stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Eric S. Musser sold 30,000 shares of the company's stock in a transaction on 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 transaction, 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 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

A number of hedge funds have recently modified their holdings of the company. Sound Income Strategies LLC boosted its position in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock worth $25,000 after acquiring an additional 227 shares during the last quarter. Sierra Ocean LLC acquired a new position in Corning during the fourth quarter worth $25,000. Asset Planning Inc acquired a new position in Corning during the fourth quarter worth $29,000. Vermillion Wealth Management Inc. bought a new position in Corning in the fourth quarter valued at $29,000. Finally, Putney Financial Group LLC acquired a new stake in Corning in the 4th quarter valued at $30,000. 69.80% of the stock is currently owned by 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.