Corning (NYSE:GLW) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Corning (NYSE:GLW) had its price target upped by JPMorgan Chase & Co. from $55.00 to $60.00 in a research note issued to investors on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the electronics maker’s stock.

GLW has been the topic of a number of other research reports. Morgan Stanley reissued an “equal weight” rating and issued a $39.00 price target on shares of Corning in a research note on Friday, July 26th. Citigroup increased their target price on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Argus upped their price target on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Oppenheimer reissued an “outperform” rating and set a $58.00 price objective (up previously from $51.00) on shares of Corning in a research note on Wednesday. Finally, HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a research note on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Price Performance

Corning stock opened at $48.04 on Wednesday. The business’s 50-day simple moving average is $44.27 and its 200 day simple moving average is $40.16. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The stock has a market cap of $41.15 billion, a price-to-earnings ratio of 67.66, a P/E/G ratio of 1.73 and a beta of 1.04. Corning has a 12-month low of $26.41 and a 12-month high of $51.03.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.45 EPS. As a group, research analysts anticipate that Corning will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.33%. Corning’s payout ratio is presently 157.75%.

Hedge Funds Weigh In On Corning

Large investors have recently bought and sold shares of the company. Access Investment Management LLC acquired a new position in Corning during the first quarter worth $28,000. City Holding Co. lifted its position in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after buying an additional 600 shares in the last quarter. ESL Trust Services LLC bought a new position in shares of Corning in the 1st quarter valued at about $33,000. Accordant Advisory Group Inc acquired a new stake in shares of Corning in the second quarter valued at about $39,000. Finally, Global Trust Asset Management LLC raised its holdings in Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after acquiring an additional 900 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

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.