Corning (NYSE:GLW) Trading Down 3.3%

Corning Incorporated (NYSE:GLW)’s stock price fell 3.3% during trading on Monday . The company traded as low as $37.18 and last traded at $37.65. 1,778,262 shares were traded during trading, a decline of 71% from the average session volume of 6,220,601 shares. The stock had previously closed at $38.94.

Analyst Ratings Changes

A number of brokerages recently commented on GLW. Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a report on Monday, June 17th. Argus raised their price objective on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Barclays raised their price objective on shares of Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. raised their target price on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a research report on Wednesday, July 31st. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $45.23.

Corning Trading Down 3.0 %

The company has a market cap of $32.35 billion, a P/E ratio of 53.58, a P/E/G ratio of 1.50 and a beta of 1.05. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.02 and a current ratio of 1.57. The business’s 50-day moving average price is $40.26 and its 200 day moving average price is $35.29.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping the consensus estimate of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter in the previous year, the firm posted $0.45 EPS. Corning’s revenue was up 3.5% compared to the same quarter last year. As a group, analysts expect that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s payout ratio is presently 157.75%.

Insider Activity

In related news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the sale, the vice president now directly owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Corning

Several hedge funds and other institutional investors have recently made changes to their positions in GLW. Grove Bank & Trust increased its holdings in Corning by 21.5% in the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after acquiring an additional 250 shares in the last quarter. Burns J W & Co. Inc. NY grew its holdings in Corning by 1.9% during the 2nd quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock valued at $524,000 after buying an additional 251 shares in the last quarter. Long Run Wealth Advisors LLC boosted its position in shares of Corning by 0.8% during the 2nd quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock valued at $1,306,000 after acquiring an additional 274 shares during the last quarter. Legacy Capital Group California Inc. boosted its position in shares of Corning by 1.0% during the 2nd quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock valued at $1,121,000 after acquiring an additional 278 shares during the last quarter. Finally, Alaska Permanent Fund Corp boosted its position in shares of Corning by 0.4% during the 1st quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock valued at $2,754,000 after acquiring an additional 329 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

About Corning

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.