Corning (NYSE:GLW - Free Report) had its price objective raised by JPMorgan Chase & Co. from $55.00 to $60.00 in a research report released on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the electronics maker's stock.
Several other research firms have also weighed in on GLW. Morgan Stanley reissued an "equal weight" rating and set a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. UBS Group lifted their price target on Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a research note on Wednesday. Mizuho raised shares of Corning from a "neutral" rating to an "outperform" rating and upped their price objective for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Hsbc Global Res raised shares of Corning from a "moderate sell" rating to a "hold" rating in a research report on Tuesday, July 9th. Finally, HSBC upgraded shares of Corning from a "reduce" rating to a "hold" rating and set a $37.00 price target on the stock in a report on Tuesday, July 9th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, Corning presently has an average rating of "Moderate Buy" and a consensus price target of $50.08.
Check Out Our Latest Stock Analysis on GLW
Corning Price Performance
NYSE:GLW traded down $0.99 during mid-day trading on Wednesday, reaching $48.04. 7,933,686 shares of the stock were exchanged, compared to its average volume of 5,745,736. Corning has a 1-year low of $26.41 and a 1-year high of $51.03. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $41.15 billion, a PE ratio of 68.03, a PEG ratio of 1.73 and a beta of 1.04. The business has a fifty day moving average price of $44.15 and a 200 day moving average price of $40.11.
Corning (NYSE:GLW - Get Free Report) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. The business had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business's revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.45 EPS. Research analysts expect that Corning will post 1.91 earnings per share for the current fiscal year.
Corning Dividend Announcement
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 dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.33%. Corning's payout ratio is 157.75%.
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of the company. Access Investment Management LLC bought a new position in shares of Corning during the 1st quarter valued at $28,000. City Holding Co. raised its holdings in Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker's stock valued at $32,000 after buying an additional 600 shares in the last quarter. ESL Trust Services LLC bought a new position in Corning during the first quarter valued at about $33,000. Accordant Advisory Group Inc acquired a new stake in shares of Corning in the second quarter worth about $39,000. Finally, Global Trust Asset Management LLC boosted its stake in shares of Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker's stock worth $42,000 after acquiring an additional 900 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.
About Corning
(
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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.
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