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

Corning Incorporated (NYSE:GLW) has earned a consensus rating of “Moderate Buy” from the fourteen analysts that are covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $54.31.

Several equities research analysts have recently commented on GLW shares. Barclays decreased their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Bank of America boosted their price objective on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. Citigroup raised their target price on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. HSBC raised Corning from a “hold” rating to a “buy” rating and lifted their target price for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Finally, Morgan Stanley raised their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th.

Corning Stock Performance

Shares of GLW opened at $45.53 on Friday. Corning has a one year low of $30.72 and a one year high of $55.33. The company has a market cap of $39.00 billion, a PE ratio of 78.49, a P/E/G ratio of 1.50 and a beta of 1.03. The stock has a 50-day moving average of $49.64 and a 200-day moving average of $48.00. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07.

Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, equities research analysts predict that Corning will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were given a dividend of $0.28 per share. The ex-dividend date was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.46%. Corning’s dividend payout ratio is presently 193.10%.

Insider Activity

In related news, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Institutional Trading of Corning

Several institutional investors and hedge funds have recently bought and sold shares of the company. Sound Income Strategies LLC increased its holdings in shares of Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares during the period. Sierra Ocean LLC purchased a new stake in shares of Corning in the 4th quarter valued at about $25,000. Asset Planning Inc bought a new stake in shares of Corning during the 4th quarter valued at about $29,000. Vermillion Wealth Management Inc. purchased a new position in shares of Corning during the fourth quarter worth about $29,000. Finally, Putney Financial Group LLC bought a new position in shares of Corning in the fourth quarter worth approximately $30,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

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.