Corning Incorporated (NYSE:GLW) Receives Average Recommendation of “Buy” from Analysts

Posted by on Jun 7th, 2022

Corning Incorporated (NYSE:GLW – Get Rating) has received a consensus recommendation of “Buy” from the twelve research firms that are presently covering the firm, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $45.18.

Several equities analysts recently weighed in on the stock. Barclays cut shares of Corning from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $53.00 to $38.00 in a research note on Wednesday, May 11th. The Goldman Sachs Group reissued a “buy” rating and set a $50.00 price target on shares of Corning in a research note on Friday, March 11th. Citigroup downgraded Corning from a “buy” rating to a “neutral” rating and lowered their target price for the company from $46.00 to $37.00 in a research report on Monday, May 23rd. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Friday, April 29th. Finally, Morgan Stanley reiterated a “hold” rating and set a $40.00 price objective on shares of Corning in a research report on Thursday, April 14th.

In other Corning news, VP Robert P. France sold 2,190 shares of the company’s stock in a transaction dated Wednesday, April 20th. The shares were sold at an average price of $35.03, for a total value of $76,715.70. Following the transaction, the vice president now directly owns 30,000 shares in the company, valued at approximately $1,050,900. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Alan Bell sold 12,529 shares of Corning stock in a transaction that occurred on Friday, April 1st. The shares were sold at an average price of $36.24, for a total transaction of $454,050.96. The disclosure for this sale can be found here. 0.36% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of GLW. Ameritas Investment Company LLC raised its position in shares of Corning by 24.5% in the 3rd quarter. Ameritas Investment Company LLC now owns 6,306 shares of the electronics maker’s stock worth $230,000 after acquiring an additional 1,240 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in Corning in the third quarter valued at approximately $322,000. FourThought Financial LLC grew its holdings in Corning by 191.7% in the third quarter. FourThought Financial LLC now owns 1,610 shares of the electronics maker’s stock worth $58,000 after purchasing an additional 1,058 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Corning by 3.7% during the third quarter. Franklin Resources Inc. now owns 469,249 shares of the electronics maker’s stock worth $17,123,000 after purchasing an additional 16,705 shares in the last quarter. Finally, Ensign Peak Advisors Inc lifted its holdings in shares of Corning by 5.3% during the 3rd quarter. Ensign Peak Advisors Inc now owns 620,957 shares of the electronics maker’s stock valued at $22,658,000 after purchasing an additional 31,181 shares during the last quarter. 68.71% of the stock is currently owned by institutional investors and hedge funds.

Shares of GLW stock opened at $35.89 on Tuesday. The business’s fifty day moving average is $35.27 and its 200 day moving average is $37.40. Corning has a 52-week low of $32.24 and a 52-week high of $43.70. The company has a market capitalization of $30.31 billion, a PE ratio of 28.71, a price-to-earnings-growth ratio of 2.44 and a beta of 0.92. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.04 and a current ratio of 1.55.

Corning (NYSE:GLW – Get Rating) last announced its earnings results on Tuesday, April 26th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.04. Corning had a return on equity of 21.56% and a net margin of 13.05%. The business had revenue of $3.74 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same period last year, the firm posted $0.45 earnings per share. The business’s revenue for the quarter was up 14.7% on a year-over-year basis. On average, sell-side analysts forecast that Corning will post 2.36 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 29th. Stockholders of record on Tuesday, May 31st will be issued a $0.27 dividend. The ex-dividend date of this dividend is Friday, May 27th. This represents a $1.08 annualized dividend and a dividend yield of 3.01%. Corning’s payout ratio is 86.40%.

Corning Company Profile (Get Rating)

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.

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