Corning (NYSE:GLW) Price Target Raised to $37.00

Corning (NYSE:GLW) had its price objective upped by JPMorgan Chase & Co. from $36.00 to $37.00 in a research note released on Wednesday, Benzinga reports. The brokerage currently has a neutral rating on the electronics maker’s stock.

Several other equities research analysts have also recently commented on GLW. Morgan Stanley reiterated an overweight rating and set a $35.00 price target on shares of Corning in a research report on Monday, April 22nd. UBS Group upped their target price on shares of Corning from $34.00 to $35.00 and gave the company a neutral rating in a research report on Monday, April 8th. Barclays raised their price target on Corning from $28.00 to $35.00 and gave the stock an equal weight rating in a research report on Wednesday, January 31st. HSBC downgraded Corning from a hold rating to a reduce rating and set a $29.00 price objective for the company. in a report on Thursday, February 1st. Finally, Susquehanna restated a positive rating and set a $40.00 target price on shares of Corning in a report on Monday, April 1st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $34.89.

Corning Stock Up 0.4 %

NYSE:GLW opened at $33.72 on Wednesday. The company has a market cap of $28.84 billion, a price-to-earnings ratio of 47.49, a P/E/G ratio of 1.70 and a beta of 1.07. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The stock’s fifty day moving average price is $32.34 and its two-hundred day moving average price is $30.57. Corning has a 52-week low of $25.26 and a 52-week high of $36.01.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. The business had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.41 earnings per share. On average, analysts anticipate that Corning will post 1.9 EPS for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.32%. The ex-dividend date is Friday, May 31st. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Insider Buying and Selling

In other news, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the transaction, the executive vice president now owns 31,294 shares in the company, valued at $1,034,266.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the sale, the executive vice president now owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John Z. Zhang sold 12,546 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total value of $419,287.32. Following the completion of the sale, the senior vice president now owns 11,355 shares in the company, valued at $379,484.10. The disclosure for this sale can be found here. In the last three months, insiders sold 119,988 shares of company stock valued at $3,984,964. 0.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corning

Several hedge funds have recently made changes to their positions in GLW. Norges Bank acquired a new stake in shares of Corning in the fourth quarter valued at about $247,721,000. Wellington Management Group LLP increased its position in shares of Corning by 9.0% during the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after purchasing an additional 2,597,878 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of Corning by 15.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after purchasing an additional 2,301,745 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Corning by 41.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after buying an additional 1,828,097 shares during the last quarter. Finally, Federated Hermes Inc. grew its stake in shares of Corning by 1,329.2% in the fourth quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock valued at $40,239,000 after buying an additional 1,229,031 shares in the last quarter. 69.80% of the stock is owned by 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.