Corning Incorporated (NYSE:GLW) Given Consensus Rating of "Moderate Buy" by Brokerages

Corning Incorporated (NYSE:GLW - Get Free Report) has been given a consensus rating of "Moderate Buy" by the fourteen brokerages that are covering the firm, MarketBeat Ratings reports. Five analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $47.00.

Several brokerages have recently weighed in on GLW. UBS Group upped their price target on shares of Corning from $38.00 to $44.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 9th. Hsbc Global Res raised shares of Corning from a "moderate sell" rating to a "hold" rating in a research report on Tuesday, July 9th. Barclays boosted their price objective on shares of Corning from $36.00 to $40.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 31st. Citigroup boosted their price objective on shares of Corning from $45.00 to $51.00 and gave the stock a "buy" rating in a research note on Friday, July 12th. Finally, Susquehanna boosted their price objective on shares of Corning from $46.00 to $55.00 and gave the stock a "positive" rating in a research note on Friday, September 20th.

Corning Trading Up 0.7 %

Corning stock traded up $0.29 during trading hours on Friday, hitting $44.88. The company had a trading volume of 2,341,581 shares, compared to its average volume of 5,801,446. The company has a 50-day moving average price of $41.77 and a two-hundred day moving average price of $38.27. Corning has a 1 year low of $25.26 and a 1 year high of $46.39. The firm has a market cap of $38.40 billion, a P/E ratio of 63.21, a P/E/G ratio of 1.73 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.55 billion. During the same quarter in the prior year, the company earned $0.45 EPS. The company's revenue was up 3.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Corning will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid 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 2.50%. Corning's payout ratio is 157.75%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP boosted its holdings in shares of Corning by 9.0% in the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker's stock valued at $953,474,000 after acquiring an additional 2,597,878 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker's stock valued at $566,941,000 after acquiring an additional 4,464,893 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Corning by 4.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker's stock valued at $401,826,000 after acquiring an additional 426,864 shares during the last quarter. FIL Ltd boosted its holdings in shares of Corning by 1.5% in the 4th quarter. FIL Ltd now owns 7,179,283 shares of the electronics maker's stock valued at $218,609,000 after acquiring an additional 105,994 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Corning by 41.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker's stock valued at $189,166,000 after acquiring an additional 1,828,097 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

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.