Corning Incorporated (NYSE:GLW) Given Average Recommendation of “Moderate Buy” by Analysts

Corning Incorporated (NYSE:GLW) has been assigned a consensus recommendation of “Moderate Buy” from the fourteen ratings firms that are currently covering the stock, Marketbeat.com reports. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $50.08.

A number of analysts recently commented on the company. Susquehanna boosted their target price on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Oppenheimer reissued an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Bank of America boosted their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Corning

Several institutional investors and hedge funds have recently made changes to their positions in the company. West Oak Capital LLC grew its position in Corning by 0.4% in the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after purchasing an additional 215 shares during the period. Lake Street Advisors Group LLC grew its holdings in Corning by 4.5% during the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after purchasing an additional 232 shares during the last quarter. SteelPeak Wealth LLC increased its holdings in Corning by 3.3% during the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock worth $338,000 after purchasing an additional 239 shares during the period. Grove Bank & Trust boosted its position in Corning by 21.5% during the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after acquiring an additional 250 shares in the last quarter. Finally, Brown Lisle Cummings Inc. increased its position in shares of Corning by 1.5% during the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock worth $770,000 after purchasing an additional 250 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

GLW stock opened at $48.22 on Friday. The stock has a 50-day moving average price of $46.62 and a 200-day moving average price of $42.32. Corning has a 1-year low of $27.57 and a 1-year high of $51.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm has a market cap of $41.29 billion, a PE ratio of 283.65, a price-to-earnings-growth ratio of 1.53 and a beta of 1.03.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the company posted $0.45 EPS. The business’s quarterly revenue was up 6.9% on a year-over-year basis. As a group, equities research analysts expect that Corning will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. Corning’s dividend payout ratio is presently 658.82%.

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.