JPMorgan Chase & Co. Boosts Corning (NYSE:GLW) Price Target to $36.00

Corning (NYSE:GLW) had its price objective lifted by JPMorgan Chase & Co. from $34.00 to $36.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have a neutral rating on the electronics maker’s stock.

GLW has been the topic of several other reports. UBS Group lifted their price target on shares of Corning from $34.00 to $35.00 and gave the stock a neutral rating in a research note on Monday, April 8th. HSBC downgraded shares of Corning from a hold rating to a reduce rating and set a $29.00 price target on the stock. in a research note on Thursday, February 1st. Barclays lifted their target price on shares of Corning from $28.00 to $35.00 and gave the stock an equal weight rating in a research note on Wednesday, January 31st. Susquehanna reaffirmed a positive rating and issued a $40.00 target price on shares of Corning in a research note on Monday, April 1st. Finally, StockNews.com raised shares of Corning from a sell rating to a hold rating in a research note on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Corning has an average rating of Hold and an average target price of $34.56.

Corning Trading Down 2.4 %

Shares of Corning stock opened at $31.49 on Thursday. The firm has a market cap of $26.93 billion, a PE ratio of 47.00, a PEG ratio of 1.79 and a beta of 1.08. Corning has a 1 year low of $25.26 and a 1 year high of $36.01. The company has a 50 day simple moving average of $32.40 and a two-hundred day simple moving average of $30.36. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting the consensus estimate of $0.39. The firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business’s revenue was down 12.1% compared to the same quarter last year. During the same period last year, the firm posted $0.47 earnings per share. Analysts expect that Corning will post 1.86 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s payout ratio is currently 167.16%.

Insider Buying and Selling at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Riverview Trust Co bought a new stake in shares of Corning during the 1st quarter valued at $35,000. Benson Investment Management Company Inc. bought a new stake in shares of Corning during the 1st quarter valued at $4,673,000. Bridge Creek Capital Management LLC boosted its holdings in shares of Corning by 1.9% during the 1st quarter. Bridge Creek Capital Management LLC now owns 120,699 shares of the electronics maker’s stock valued at $3,978,000 after buying an additional 2,200 shares in the last quarter. O Keefe Stevens Advisory Inc. boosted its holdings in shares of Corning by 1.5% during the 1st quarter. O Keefe Stevens Advisory Inc. now owns 301,800 shares of the electronics maker’s stock valued at $9,947,000 after buying an additional 4,410 shares in the last quarter. Finally, Werlinich Asset Management LLC boosted its holdings in shares of Corning by 0.9% during the 1st quarter. Werlinich Asset Management LLC now owns 70,555 shares of the electronics maker’s stock valued at $2,330,000 after buying an additional 600 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

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.