Corning (GLW) – Research Analysts’ Recent Ratings Changes

Several analysts have recently updated their ratings and price targets for Corning (NYSE: GLW):

• 7/31/2024 – Corning had its price target raised by analysts at Susquehanna from $40.00 to $46.00. They now have a “positive” rating on the stock.
• 7/31/2024 – Corning had its “outperform” rating reaffirmed by analysts at Oppenheimer Holdings Inc.. They now have a $47.00 price target on the stock, down previously from $50.00.
• 7/31/2024 – Corning had its price target raised by analysts at Barclays PLC from $36.00 to $40.00. They now have an “equal weight” rating on the stock.
• 7/31/2024 – Corning had its price target lowered by analysts at Bank of America Co. from $47.00 to $46.00. They now have a “buy” rating on the stock.
• 7/31/2024 – Corning was upgraded by analysts at Deutsche Bank Aktiengesellschaft from a “hold” rating to a “buy” rating. They now have a $46.00 price target on the stock.
• 7/29/2024 – Corning had its price target raised by analysts at JPMorgan Chase & Co. from $47.00 to $55.00. They now have an “overweight” rating on the stock.
• 7/26/2024 – Corning had its “equal weight” rating reaffirmed by analysts at Morgan Stanley. They now have a $39.00 price target on the stock.
• 7/12/2024 – Corning had its price target raised by analysts at Citigroup Inc. from $45.00 to $51.00. They now have a “buy” rating on the stock.
• 7/10/2024 – Corning had its “outperform” rating reaffirmed by analysts at Oppenheimer Holdings Inc.. They now have a $50.00 price target on the stock, up previously from $40.00.
• 7/9/2024 – Corning had its price target raised by analysts at UBS Group AG from $38.00 to $44.00. They now have a “neutral” rating on the stock.
• 7/9/2024 – Corning was upgraded by analysts at Hsbc Global Res from a “moderate sell” rating to a “hold” rating.
• 7/9/2024 – Corning had its price target raised by analysts at Deutsche Bank Aktiengesellschaft from $39.00 to $46.00. They now have a “hold” rating on the stock.
• 7/9/2024 – Corning was upgraded by analysts at HSBC Holdings plc from a “reduce” rating to a “hold” rating. They now have a $37.00 price target on the stock.
• 7/9/2024 – Corning had its price target raised by analysts at Morgan Stanley from $38.00 to $39.00. They now have an “equal weight” rating on the stock.
• 7/9/2024 – Corning had its price target raised by analysts at Argus from $40.00 to $50.00. They now have a “buy” rating on the stock.
• 7/3/2024 – Corning had its price target raised by analysts at Deutsche Bank Aktiengesellschaft from $35.00 to $39.00. They now have a “hold” rating on the stock.
• 6/21/2024 – Corning had its price target raised by analysts at Citigroup Inc. from $38.00 to $45.00. They now have a “buy” rating on the stock.
• 6/18/2024 – Corning had its price target raised by analysts at Mizuho from $36.00 to $42.00. They now have a “neutral” rating on the stock.
• 6/17/2024 – Corning was upgraded by analysts at Fox Advisors from an “equal weight” rating to an “overweight” rating. They now have a $45.00 price target on the stock.

Corning Stock Performance

Shares of NYSE GLW traded up $0.72 during trading on Thursday, reaching $40.31. 3,215,928 shares of the company traded hands, compared to its average volume of 6,177,094. The firm has a 50 day simple moving average of $40.58 and a 200-day simple moving average of $35.72. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $34.53 billion, a PE ratio of 56.77, a P/E/G ratio of 1.49 and a beta of 1.05. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $46.39.

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

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.78%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio is 157.75%.

Insider Buying and Selling

In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of the company’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 transaction, the vice president now directly owns 57,280 shares in the company, valued at approximately $2,141,699.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.40% of the stock is currently owned by insiders.

Institutional Trading of Corning

Several hedge funds have recently modified their holdings of the company. International Assets Investment Management LLC bought a new position in shares of Corning during the 4th quarter valued at approximately $4,275,000. Louisiana State Employees Retirement System purchased a new position in shares of Corning during the fourth quarter worth approximately $1,413,000. Strs Ohio increased its position in shares of Corning by 2.0% during the fourth quarter. Strs Ohio now owns 551,845 shares of the electronics maker’s stock worth $16,803,000 after acquiring an additional 10,832 shares during the period. Mackenzie Financial Corp increased its position in shares of Corning by 54.0% during the fourth quarter. Mackenzie Financial Corp now owns 153,440 shares of the electronics maker’s stock worth $4,672,000 after acquiring an additional 53,830 shares during the period. Finally, SVB Wealth LLC increased its position in shares of Corning by 10.0% during the fourth quarter. SVB Wealth LLC now owns 9,790 shares of the electronics maker’s stock worth $298,000 after acquiring an additional 889 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

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.