Corning (NYSE:GLW) Upgraded to “Hold” by Hsbc Global Res

Hsbc Global Res upgraded shares of Corning (NYSE:GLWFree Report) from a moderate sell rating to a hold rating in a research report sent to investors on Tuesday, Zacks.com reports.

Several other research firms have also issued reports on GLW. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Corning from $39.00 to $46.00 and gave the stock a hold rating in a report on Tuesday. Argus boosted their target price on Corning from $40.00 to $50.00 and gave the stock a buy rating in a research note on Tuesday. Susquehanna reiterated a positive rating and issued a $40.00 price target on shares of Corning in a research note on Monday, April 1st. Bank of America boosted their price target on Corning from $38.00 to $42.00 and gave the stock a buy rating in a research note on Friday, June 14th. Finally, Fox Advisors raised shares of Corning from an equal weight rating to an overweight rating and set a $45.00 target price on the stock in a research report on Monday, June 17th. Eight investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $41.92.

Check Out Our Latest Report on GLW

Corning Trading Up 3.8 %

GLW opened at $44.67 on Tuesday. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The firm has a market cap of $38.27 billion, a price-to-earnings ratio of 62.92, a PEG ratio of 1.85 and a beta of 1.05. Corning has a 12 month low of $25.26 and a 12 month high of $45.05. The stock has a fifty day moving average price of $37.12 and a 200-day moving average price of $33.64.

Corning (NYSE:GLWGet Free Report) last announced its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the company posted $0.41 earnings per share. The firm’s revenue was down 11.5% on a year-over-year basis. As a group, equities research analysts anticipate that Corning will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s dividend payout ratio is currently 157.75%.

Insider Buying and Selling at Corning

In other news, EVP Lewis A. Steverson sold 29,978 shares of the firm’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 transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Jeffrey W. Evenson sold 12,830 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the sale, the vice president now owns 57,280 shares in the company, valued at $2,141,699.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 175,207 shares of company stock valued at $5,876,067. 0.45% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Norges Bank purchased a new stake in Corning in the 4th quarter worth $247,721,000. Price T Rowe Associates Inc. MD increased its stake in shares of Corning by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after purchasing an additional 4,464,893 shares in the last quarter. Wellington Management Group LLP raised 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. Goldman Sachs Group Inc. lifted its stake in 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 in the last quarter. Finally, Natixis boosted its holdings in Corning by 2,405.2% in the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after buying an additional 1,735,638 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Company Profile

(Get Free Report)

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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Analyst Recommendations for Corning (NYSE:GLW)

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