Corning (NYSE:GLW) Lowered to Hold at StockNews.com

Posted by on Aug 2nd, 2022

StockNews.com lowered shares of Corning (NYSE:GLW – Get Rating) from a buy rating to a hold rating in a report released on Monday.

GLW has been the topic of a number of other research reports. Barclays cut 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. Deutsche Bank Aktiengesellschaft lowered their price target on Corning from $44.00 to $39.00 and set a maintains rating for the company in a report on Wednesday, July 27th. JPMorgan Chase & Co. lowered their price target on Corning from $45.00 to $41.00 and set an overweight rating for the company in a report on Thursday, July 14th. UBS Group lowered their price target on Corning to $40.00 and set an outperform rating for the company in a report on Wednesday, July 27th. Finally, Susquehanna Bancshares lowered their price target on Corning from $48.00 to $46.00 and set a positive rating for the company in a report on Wednesday, July 27th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Corning has an average rating of Moderate Buy and a consensus price target of $42.20.

Corning Trading Down 1.0 %

Shares of NYSE GLW opened at $36.39 on Monday. The business’s 50 day moving average is $33.64 and its two-hundred day moving average is $36.17. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.43 and a quick ratio of 0.91. Corning has a 1-year low of $30.63 and a 1-year high of $43.47. The stock has a market capitalization of $30.74 billion, a P/E ratio of 15.62, a PEG ratio of 2.55 and a beta of 0.99.

Corning (NYSE:GLW – Get Rating) last released its earnings results on Tuesday, July 26th. The electronics maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. The firm had revenue of $3.76 billion for the quarter, compared to analysts’ expectations of $3.79 billion. Corning had a return on equity of 15.38% and a net margin of 13.73%. The company’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.53 earnings per share. As a group, research analysts expect that Corning will post 2.22 EPS for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, August 31st will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 2.97%. The ex-dividend date is Tuesday, August 30th. Corning’s payout ratio is 46.35%.

Hedge Funds Weigh In On Corning

Several hedge funds have recently made changes to their positions in GLW. Islay Capital Management LLC acquired a new position in shares of Corning in the 1st quarter valued at $29,000. Mizuho Securities Co. Ltd. acquired a new position in shares of Corning in the 1st quarter valued at $31,000. Rise Advisors LLC acquired a new position in shares of Corning in the 4th quarter valued at $32,000. CVA Family Office LLC increased its position in shares of Corning by 589.3% in the 1st quarter. CVA Family Office LLC now owns 965 shares of the electronics maker’s stock valued at $36,000 after acquiring an additional 825 shares during the period. Finally, Desjardins Global Asset Management Inc. acquired a new stake in Corning during the 4th quarter worth about $37,000. 68.71% of the stock is owned by institutional investors and hedge funds.

Corning Company Profile

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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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Analyst Recommendations for Corning (NYSE:GLW)

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