Corning Inc. (NYSE:GLW)‘s stock had its “buy” rating reissued by equities research analysts at Goldman Sachs Group Inc. in a research note issued to investors on Wednesday. They currently have a $27.00 target price on the stock. Goldman Sachs Group Inc.’s price objective points to a potential upside of 11.16% from the stock’s current price.
Several other analysts also recently weighed in on the company. Deutsche Bank AG boosted their price target on Corning from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, October 26th. Drexel Hamilton reiterated a “sell” rating and set a $14.50 price target on shares of Corning in a research note on Tuesday, October 25th. Zacks Investment Research downgraded Corning from a “hold” rating to a “sell” rating in a research note on Monday, October 3rd. Susquehanna reiterated a “positive” rating and set a $27.00 price target (up previously from $25.00) on shares of Corning in a research note on Wednesday, September 28th. Finally, Bank of America Corp. reissued a “sell” rating and issued a $17.50 price objective on shares of Corning in a report on Wednesday, September 21st. Two analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $22.91.
Corning (NYSE:GLW) traded up 0.41% during mid-day trading on Wednesday, hitting $24.29. The company had a trading volume of 2,605,050 shares. The company has a 50-day moving average price of $23.38 and a 200 day moving average price of $22.01. The firm has a market capitalization of $23.11 billion, a P/E ratio of 12.38 and a beta of 1.32. Corning has a 12 month low of $16.13 and a 12 month high of $24.36.
Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 25th. The company reported $0.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.04. The business had revenue of $2.51 billion for the quarter, compared to the consensus estimate of $2.52 billion. Corning had a return on equity of 10.11% and a net margin of 25.66%. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.34 EPS. Equities analysts forecast that Corning will post $1.49 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, November 17th will be given a $0.135 dividend. The ex-dividend date is Tuesday, November 15th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.22%. Corning’s dividend payout ratio (DPR) is presently 27.84%.
In other news, CEO Wendell P. Weeks sold 204,750 shares of the company’s stock in a transaction that occurred on Wednesday, October 26th. The stock was sold at an average price of $23.07, for a total value of $4,723,582.50. Following the completion of the sale, the chief executive officer now directly owns 136,500 shares in the company, valued at $3,149,055. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R Tony Tripeny sold 16,333 shares of the company’s stock in a transaction that occurred on Thursday, November 17th. The shares were sold at an average price of $23.80, for a total value of $388,725.40. Following the completion of the sale, the insider now owns 57,054 shares of the company’s stock, valued at $1,357,885.20. The disclosure for this sale can be found here. 0.60% of the stock is owned by insiders.
Several large investors have recently bought and sold shares of the stock. Morgan Stanley raised its stake in Corning by 171.5% in the third quarter. Morgan Stanley now owns 13,124,835 shares of the company’s stock worth $310,404,000 after buying an additional 8,290,981 shares during the period. Emerald Acquisition Ltd. bought a new stake in Corning during the second quarter worth about $133,993,000. Bank of New York Mellon Corp raised its stake in Corning by 32.5% in the second quarter. Bank of New York Mellon Corp now owns 19,226,863 shares of the company’s stock worth $393,767,000 after buying an additional 4,712,631 shares during the period. Ameriprise Financial Inc. raised its stake in Corning by 59.0% in the second quarter. Ameriprise Financial Inc. now owns 10,414,273 shares of the company’s stock worth $213,281,000 after buying an additional 3,863,933 shares during the period. Finally, Korea Investment CORP raised its stake in Corning by 3,611.6% in the third quarter. Korea Investment CORP now owns 2,030,262 shares of the company’s stock worth $48,016,000 after buying an additional 1,975,562 shares during the period. Institutional investors and hedge funds own 80.30% of the company’s stock.
Corning Company Profile