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

Corning Incorporated (NYSE:GLW) has been assigned a consensus recommendation of “Moderate Buy” from the fourteen ratings firms that are currently covering the company, MarketBeat reports. Six research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $45.23.

GLW has been the topic of several research analyst reports. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft raised Corning from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a research note on Wednesday, July 31st. Mizuho boosted their price target on Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, June 18th. Bank of America cut their price objective on shares of Corning from $47.00 to $46.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Finally, HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a research note on Tuesday, July 9th.

Corning Trading Up 1.0 %

NYSE:GLW opened at $40.61 on Thursday. The stock’s 50-day moving average is $40.77 and its two-hundred day moving average is $35.91. 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 stock has a market cap of $34.75 billion, a PE ratio of 57.20, a price-to-earnings-growth ratio of 1.56 and a beta of 1.05. Corning has a fifty-two week low of $25.26 and a fifty-two week high of $46.39.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm’s revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.45 earnings per share. As a group, equities research analysts forecast that Corning will post 1.9 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio (DPR) is 157.75%.

Insider Transactions at Corning

In related news, VP Jeffrey W. Evenson sold 12,830 shares of the stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the sale, the vice president now owns 57,280 shares in the company, valued at approximately $2,141,699.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Corning

Hedge funds have recently bought and sold shares of the stock. International Assets Investment Management LLC acquired a new stake in Corning during the fourth quarter worth about $4,275,000. Louisiana State Employees Retirement System bought a new stake in shares of Corning during the fourth quarter valued at approximately $1,413,000. Strs Ohio raised its stake in shares of Corning by 2.0% in the fourth quarter. Strs Ohio now owns 551,845 shares of the electronics maker’s stock valued at $16,803,000 after purchasing an additional 10,832 shares in the last quarter. Mackenzie Financial Corp lifted its position in Corning by 54.0% in the fourth quarter. Mackenzie Financial Corp now owns 153,440 shares of the electronics maker’s stock worth $4,672,000 after purchasing an additional 53,830 shares during the period. Finally, SVB Wealth LLC boosted its stake in 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 buying an additional 889 shares in the last quarter. 69.80% of the stock is owned by 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.