Corning’s (GLW) Positive Rating Reiterated at Susquehanna

Susquehanna restated their positive rating on shares of Corning (NYSE:GLWFree Report) in a research note issued to investors on Monday morning, Benzinga reports. They currently have a $40.00 price objective on the electronics maker’s stock.

GLW has been the subject of a number of other research reports. HSBC cut Corning from a hold rating to a reduce rating and set a $29.00 price target for the company. in a report on Thursday, February 1st. Barclays upped their target price on Corning from $28.00 to $35.00 and gave the company an equal weight rating in a research report on Wednesday, January 31st. StockNews.com raised Corning from a sell rating to a hold rating in a research report on Monday. Finally, UBS Group upped their target price on Corning from $29.00 to $32.00 and gave the company a neutral rating in a research report on Thursday, January 11th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $33.67.

View Our Latest Report on GLW

Corning Stock Down 0.5 %

Shares of NYSE:GLW opened at $32.51 on Monday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. Corning has a 1 year low of $25.26 and a 1 year high of $36.01. The stock has a market capitalization of $27.81 billion, a P/E ratio of 48.52, a PEG ratio of 1.88 and a beta of 1.08. The stock has a 50-day simple moving average of $32.26 and a 200-day simple moving average of $30.29.

Corning (NYSE:GLWGet Free Report) last released its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.39. The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. Corning’s quarterly revenue was down 12.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.47 EPS. Equities analysts forecast that Corning will post 1.86 earnings per share for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.45%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio is currently 167.16%.

Insider Activity at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the transaction, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.45% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in GLW. Cibc World Market Inc. grew its stake in Corning by 22.1% during the 1st quarter. Cibc World Market Inc. now owns 65,555 shares of the electronics maker’s stock worth $2,420,000 after buying an additional 11,884 shares during the last quarter. Prudential PLC bought a new position in Corning during the 1st quarter worth $588,000. Sequoia Financial Advisors LLC grew its stake in shares of Corning by 15.5% in the first quarter. Sequoia Financial Advisors LLC now owns 7,922 shares of the electronics maker’s stock worth $293,000 after purchasing an additional 1,062 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Corning by 0.7% in the first quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock worth $3,423,287,000 after purchasing an additional 671,480 shares in the last quarter. Finally, Baird Financial Group Inc. grew its stake in shares of Corning by 24.4% in the first quarter. Baird Financial Group Inc. now owns 714,932 shares of the electronics maker’s stock worth $26,388,000 after purchasing an additional 140,098 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

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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