Analysts Set Corning Incorporated (NYSE:GLW) PT at $47.00

Corning Incorporated (NYSE:GLW) has received an average rating of “Moderate Buy” from the fourteen ratings firms that are covering the stock, MarketBeat Ratings reports. Five analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $47.23.

Several analysts have recently commented on the stock. UBS Group raised their price objective 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. Bank of America increased their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Susquehanna boosted their target price on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Finally, Barclays boosted their price objective on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, July 31st.

Corning Trading Down 1.5 %

NYSE GLW opened at $46.02 on Friday. The company has a market cap of $39.38 billion, a price-to-earnings ratio of 92.04, a price-to-earnings-growth ratio of 1.80 and a beta of 1.04. Corning has a twelve month low of $25.26 and a twelve month high of $47.45. 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 business’s fifty day moving average is $42.07 and its 200 day moving average is $38.66.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. The firm had revenue of $3.60 billion during 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 company’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.45 earnings per share. As a group, sell-side analysts expect that Corning will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is 224.00%.

Institutional Investors Weigh In On Corning

Large investors have recently made changes to their positions in the business. Grove Bank & Trust boosted its holdings in Corning by 21.5% in the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after acquiring an additional 250 shares in the last quarter. Burns J W & Co. Inc. NY boosted its position in shares of Corning by 1.9% during the second quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock valued at $524,000 after purchasing an additional 251 shares in the last quarter. Long Run Wealth Advisors LLC boosted its position in shares of Corning by 0.8% during the second quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock valued at $1,306,000 after purchasing an additional 274 shares in the last quarter. Mark Sheptoff Financial Planning LLC grew its stake in Corning by 21.2% in the second quarter. Mark Sheptoff Financial Planning LLC now owns 1,575 shares of the electronics maker’s stock worth $61,000 after purchasing an additional 275 shares during the period. Finally, Legacy Capital Group California Inc. raised its holdings in Corning by 1.0% in the second quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock worth $1,121,000 after purchasing an additional 278 shares in the last quarter. 69.80% of the stock is currently 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.