Corning’s (GLW) “Outperform” Rating Reaffirmed at Oppenheimer

Oppenheimer reaffirmed their outperform rating on shares of Corning (NYSE:GLW) in a report published on Wednesday morning, Benzinga reports. The brokerage currently has a $58.00 price objective on the electronics maker’s stock, up from their previous price objective of $51.00.

A number of other analysts have also recently weighed in on the company. Morgan Stanley restated an “equal weight” rating and issued a $39.00 price target on shares of Corning in a research note on Friday, July 26th. Barclays increased their price target on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday. Argus increased their target price on shares of Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Finally, Susquehanna boosted their price target on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $50.08.

Corning Price Performance

Shares of GLW opened at $48.36 on Wednesday. The company has a market cap of $41.38 billion, a P/E ratio of 284.47, a PEG ratio of 1.52 and a beta of 1.03. Corning has a fifty-two week low of $26.71 and a fifty-two week high of $51.03. The company has a quick ratio of 0.98, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The firm’s 50 day moving average price is $44.52 and its 200 day moving average price is $40.33.

Corning (NYSE:GLW) last announced its quarterly earnings data 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. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period last year, the firm earned $0.45 earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, research analysts forecast that Corning will post 1.95 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, December 13th. Investors of record on Friday, November 15th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is presently 658.82%.

Institutional Investors Weigh In On Corning

A number of hedge funds and other institutional investors have recently bought and sold shares of GLW. City Holding Co. grew its stake in shares of 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 purchasing an additional 600 shares during the period. Access Investment Management LLC acquired a new position in Corning during the first quarter worth about $28,000. Global Trust Asset Management LLC increased its holdings in Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after buying an additional 900 shares in the last quarter. ESL Trust Services LLC acquired a new stake in shares of Corning during the 1st quarter valued at approximately $33,000. Finally, Accordant Advisory Group Inc purchased a new stake in shares of Corning during the 2nd quarter worth approximately $39,000. 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.