Corning (NYSE:GLW) Upgraded at StockNews.com

StockNews.com upgraded shares of Corning (NYSE:GLW) from a hold rating to a buy rating in a research report sent to investors on Thursday morning.

Several other research firms also recently issued reports on GLW. Argus boosted their price objective on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a research report on Tuesday, July 9th. Morgan Stanley reissued an “equal weight” rating and issued a $39.00 target price on shares of Corning in a report on Friday, July 26th. Citigroup boosted their target price on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a report on Friday, July 12th. Finally, Bank of America upped their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and an average target price of $50.08.

Corning Price Performance

NYSE:GLW opened at $48.36 on Thursday. Corning has a 52 week low of $26.71 and a 52 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 company has a market capitalization of $41.38 billion, a P/E ratio of 284.47, a P/E/G ratio of 1.52 and a beta of 1.03. The stock’s fifty day moving average is $44.52 and its two-hundred day moving average is $40.47.

Corning (NYSE:GLW) last posted 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. The firm had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.45 EPS. Equities analysts expect that Corning will post 1.95 EPS for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is currently 658.82%.

Institutional Investors Weigh In On Corning

Institutional investors and hedge funds have recently modified their holdings of the company. City Holding Co. grew its holdings in shares of Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 600 shares during the period. Access Investment Management LLC acquired a new stake in Corning during the 1st quarter valued at $28,000. Global Trust Asset Management LLC grew its holdings in Corning by 2,250.0% during the 3rd 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 during the last quarter. ESL Trust Services LLC acquired a new stake in Corning during the 1st quarter valued at $33,000. Finally, Accordant Advisory Group Inc acquired a new stake in Corning during the 2nd quarter valued at $39,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

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.