Corning (NYSE:GLW) Price Target Raised to $55.00 at Susquehanna

Corning (NYSE:GLW) had its target price hoisted by Susquehanna from $46.00 to $55.00 in a research note published on Friday morning, Benzinga reports. The firm currently has a positive rating on the electronics maker’s stock.

Several other equities analysts have also weighed in on GLW. Hsbc Global Res upgraded shares of Corning from a moderate sell rating to a hold rating in a research report on Tuesday, July 9th. HSBC upgraded shares of Corning from a reduce rating to a hold rating and set a $37.00 price target for the company in a research report on Tuesday, July 9th. Morgan Stanley reiterated an equal weight rating and set a $39.00 target price on shares of Corning in a research report on Friday, July 26th. UBS Group increased their target price on shares of Corning from $38.00 to $44.00 and gave the stock a neutral rating in a research report on Tuesday, July 9th. Finally, Barclays increased their price target on shares of Corning from $36.00 to $40.00 and gave the stock an equal weight rating in a report on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $47.00.

Corning Stock Performance

NYSE GLW opened at $44.66 on Friday. 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. The firm has a market cap of $38.25 billion, a price-to-earnings ratio of 62.89, a PEG ratio of 1.66 and a beta of 1.04. The company has a fifty day moving average price of $41.71 and a 200-day moving average price of $37.66.

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, topping the consensus estimate of $0.46 by $0.01. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business’s revenue was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.45 EPS. As a group, equities research analysts predict that Corning will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio is currently 157.75%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Bridgefront Capital LLC bought a new position in shares of Corning in the fourth quarter worth approximately $813,000. Wahed Invest LLC boosted its stake in Corning by 8.6% in the 4th quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock worth $395,000 after purchasing an additional 1,028 shares in the last quarter. Belpointe Asset Management LLC lifted its stake in Corning by 26.4% during the 4th quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock valued at $253,000 after acquiring an additional 1,740 shares during the period. Massmutual Trust Co. FSB ADV lifted its stake in Corning by 75.5% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock valued at $1,871,000 after acquiring an additional 24,421 shares during the period. Finally, Elo Mutual Pension Insurance Co lifted its stake in Corning by 4.7% during the 4th quarter. Elo Mutual Pension Insurance Co now owns 70,747 shares of the electronics maker’s stock valued at $2,154,000 after acquiring an additional 3,152 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

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.