Corning (NYSE:GLW) Reaches New 52-Week High – Here’s Why

Corning Incorporated (NYSE:GLW) hit a new 52-week high on Tuesday . The company traded as high as $47.45 and last traded at $47.35, with a volume of 3112877 shares changing hands. The stock had previously closed at $47.03.

Wall Street Analyst Weigh In

GLW has been the topic of a number of analyst reports. Argus boosted their price target on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research report 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. UBS Group raised their price target on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Finally, Oppenheimer raised their price objective on shares of Corning from $47.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, September 20th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $47.23.

Corning Stock Up 0.6 %

The company has a market cap of $40.53 billion, a P/E ratio of 66.24, a price-to-earnings-growth ratio of 1.74 and a beta of 1.04. 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 company has a fifty day moving average of $43.31 and a 200 day moving average of $39.47.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 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 analyst estimates of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.45 EPS. On average, research analysts anticipate that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.37%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Institutional Trading of Corning

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Access Investment Management LLC purchased a new stake in Corning in the 1st quarter worth approximately $28,000. City Holding Co. raised its position in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares during the period. Future Financial Wealth Managment LLC bought a new position in Corning in the 1st quarter worth $33,000. Register Financial Advisors LLC purchased a new stake in Corning in the 1st quarter worth $33,000. Finally, ESL Trust Services LLC bought a new stake in Corning during the first quarter valued at about $33,000. Hedge funds and other 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.