Corning's (GLW) "Outperform" Rating Reaffirmed at Oppenheimer

Oppenheimer reissued their outperform rating on shares of Corning (NYSE:GLW - Free Report) in a report published on Wednesday, Benzinga reports. They currently have a $58.00 price objective on the electronics maker's stock, up from their prior price objective of $51.00.

Several other analysts also recently issued reports on the company. Hsbc Global Res upgraded Corning from a "moderate sell" rating to a "hold" rating in a research note on Tuesday, July 9th. Susquehanna boosted their target price on Corning from $46.00 to $55.00 and gave the stock a "positive" rating in a report on Friday, September 20th. Morgan Stanley reiterated an "equal weight" rating and set a $39.00 price target on shares of Corning in a report on Friday, July 26th. Mizuho raised shares of Corning from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Finally, Barclays upped their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an "equal weight" rating in a report on Tuesday. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, Corning has an average rating of "Moderate Buy" and an average target price of $50.08.

Corning Stock Down 2.0 %

GLW traded down $0.99 during midday trading on Wednesday, hitting $48.04. 7,933,686 shares of the company's stock traded hands, compared to its average volume of 5,745,736. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The company has a market cap of $41.15 billion, a PE ratio of 68.03, a price-to-earnings-growth ratio of 1.73 and a beta of 1.04. The stock's fifty day simple moving average is $44.15 and its 200-day simple moving average is $40.11. Corning has a one year low of $26.41 and a one year high of $51.03.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.52 by $0.02. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the firm earned $0.45 EPS. Corning's revenue for the quarter was up 6.9% on a year-over-year basis. As a group, equities analysts anticipate that Corning will post 1.91 earnings per share for the current fiscal 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 given a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.33%. Corning's dividend payout ratio is 157.75%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in GLW. Access Investment Management LLC acquired a new stake in Corning during the first quarter worth about $28,000. City Holding Co. lifted its position in shares of Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker's stock worth $32,000 after acquiring an additional 600 shares during the period. ESL Trust Services LLC acquired a new stake in shares of Corning during the 1st quarter worth approximately $33,000. Accordant Advisory Group Inc bought a new stake in shares of Corning during the second quarter valued at approximately $39,000. Finally, Global Trust Asset Management LLC increased its position in shares of Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker's stock valued at $42,000 after purchasing an additional 900 shares during the period. Institutional investors and hedge funds own 69.80% of the company's stock.

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.