Corning (NYSE:GLW) Price Target Lowered to $46.00 at Bank of America

Corning (NYSE:GLW) had its target price lowered by Bank of America from $47.00 to $46.00 in a research note issued to investors on Wednesday morning, Benzinga reports. Bank of America currently has a buy rating on the electronics maker’s stock.

GLW has been the subject of several other research reports. Argus increased their price target on Corning from $40.00 to $50.00 and gave the company a buy rating in a research note on Tuesday, July 9th. HSBC raised Corning from a reduce rating to a hold rating and set a $37.00 price target for the company in a research note on Tuesday, July 9th. Hsbc Global Res raised Corning from a moderate sell rating to a hold rating in a research note on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft raised Corning from a hold rating to a buy rating and set a $46.00 target price for the company in a research note on Wednesday. Finally, Morgan Stanley reaffirmed an equal weight rating and set a $39.00 target price on shares of Corning in a research note on Friday, July 26th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $45.23.

Corning Price Performance

Corning stock opened at $38.94 on Wednesday. The company has a current ratio of 1.57, a quick ratio of 1.02 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $33.36 billion, a PE ratio of 54.85, a P/E/G ratio of 1.50 and a beta of 1.05. Corning has a 12 month low of $25.26 and a 12 month high of $46.39. The stock has a 50-day moving average price of $40.26 and a two-hundred day moving average price of $35.25.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.45 earnings per share. Analysts expect that Corning will post 1.9 EPS for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.88%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Insider Buying and Selling at Corning

In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the sale, the vice president now owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Jeffrey W. Evenson sold 12,830 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total value of $479,713.70. Following the transaction, the vice president now owns 57,280 shares in the company, valued at $2,141,699.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the transaction, the vice president now owns 70,110 shares in the company, valued at approximately $2,326,950.90. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Norges Bank bought a new stake in Corning during the fourth quarter worth $247,721,000. Price T Rowe Associates Inc. MD lifted its holdings in Corning by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after acquiring an additional 4,464,893 shares during the period. Wellington Management Group LLP lifted its holdings in Corning by 9.0% during the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after acquiring an additional 2,597,878 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Corning by 41.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after acquiring an additional 1,828,097 shares during the period. Finally, Natixis lifted its holdings in Corning by 2,405.2% during the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after acquiring an additional 1,735,638 shares during the period. Institutional investors 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.