Bank of America Raises Corning (NYSE:GLW) Price Target to $51.00

Corning (NYSE:GLW) had its price objective hoisted by Bank of America from $46.00 to $51.00 in a research report report published on Friday morning, Benzinga reports. They currently have a buy rating on the electronics maker’s stock.

A number of other research analysts also recently issued reports on GLW. JPMorgan Chase & Co. upped their price target on Corning from $47.00 to $55.00 and gave the company an overweight rating in a report on Monday, July 29th. Hsbc Global Res raised Corning from a moderate sell rating to a hold rating in a research report on Tuesday, July 9th. Barclays lifted their price objective on Corning from $36.00 to $40.00 and gave the company an equal weight rating in a research report on Wednesday, July 31st. Oppenheimer reissued an outperform rating and set a $47.00 target price (down previously from $50.00) on shares of Corning in a research note on Wednesday, July 31st. Finally, Mizuho raised Corning from a neutral rating to an outperform rating and lifted their target price for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Corning has a consensus rating of Moderate Buy and an average target price of $47.00.

Corning Stock Performance

NYSE:GLW opened at $44.50 on Friday. The business has a 50 day moving average of $41.73 and a 200 day moving average of $37.58. The company has a market capitalization of $38.12 billion, a price-to-earnings ratio of 62.68, a PEG ratio of 1.66 and a beta of 1.04. Corning has a 1-year low of $25.26 and a 1-year high of $46.39. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same period in the previous year, the firm earned $0.45 earnings per share. The business’s revenue was up 3.5% compared to the same quarter last year. On average, sell-side analysts predict that Corning will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio is presently 157.75%.

Institutional Investors Weigh In On Corning

Several institutional investors have recently modified their holdings of the company. Grove Bank & Trust lifted its stake in Corning by 21.5% in the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after buying an additional 250 shares in the last quarter. Burns J W & Co. Inc. NY increased its holdings in shares of 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 worth $524,000 after buying an additional 251 shares during the last quarter. Long Run Wealth Advisors LLC increased its holdings in Corning by 0.8% in 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 purchasing an additional 274 shares in the last quarter. Mark Sheptoff Financial Planning LLC increased its holdings in Corning by 21.2% in the 2nd quarter. Mark Sheptoff Financial Planning LLC now owns 1,575 shares of the electronics maker’s stock valued at $61,000 after purchasing an additional 275 shares in the last quarter. Finally, Legacy Capital Group California Inc. increased its holdings in Corning by 1.0% in 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 purchasing an additional 278 shares in the last quarter. Hedge funds and other institutional investors 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.