Corning Incorporated (NYSE: GLW) Receives Average “Buy” Rating from Brokerages

Corning Incorporated (NYSE: GLW – Get Rating) shares have been assigned a consensus recommendation of “Buy” by the twelve brokerages that currently cover the company, MarketBeat reports. Four equity research analysts gave the stock a hold rating and seven gave the company a buy rating. The 12-month average price target among brokerages that have issued ratings on the stock over the past year is $47.27.

Several analysts have recently commented on GLW’s actions. Zacks Investment Research upgraded Corning’s shares from a “sell” rating to a “hold” rating and set a $45.00 price target for the company in a Monday, January 31 research note. Morgan Stanley reaffirmed a “hold” rating and set a price target of $40.00 on Corning shares in a research note on Thursday. UBS Group lowered its price target on Corning shares from $52.00 to $51.00 and set a “buy” rating for the company in a Tuesday, January 4, report. Barclays raised its price target on Corning shares from $47.00 to $52.00 and gave the company an “overweight” rating in a Thursday, January 27 report. Finally, supported Corning’s coverage in a research report on Thursday, March 31. They set a “holding” rating for the company.

In other news, Vice Chairman Michael Alan Bell sold 12,529 Corning shares in a trade dated Friday, April 1. The shares were sold at an average price of $36.24, for a total value of $454,050.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Additionally, Vice Chairman John Z. Zhang sold 13,320 Corning shares in a trade that took place on Friday, February 4. The shares were sold at an average price of $42.01, for a total value of $559,573.20. The disclosure of this sale can be found here. Company insiders own 0.36% of the company’s shares.

Several institutional investors have recently increased or reduced their stake in GLW. Stephens Inc. AR increased its position in Corning by 1.1% in Q3. Stephens Inc. AR now owns 42,633 shares of the electronics maker valued at $1,556,000 after acquiring an additional 444 shares during the period. Signaturefd LLC increased its position in Corning by 9.1% in the third quarter. Signaturefd LLC now owns 11,300 shares of the electronics maker worth $412,000 after purchasing an additional 946 shares during the period. Good Life Advisors LLC bought a new position in Corning during Q3 worth $536,000. Commonwealth Equity Services LLC increased its stake in Corning shares by 4.1% in Q3. Commonwealth Equity Services LLC now owns 570,763 shares of the electronics maker worth $20,827,000 after buying an additional 22,305 shares last quarter. Finally, Foster & Motley Inc. increased its stake in Corning by 27.2% during the third quarter. Foster & Motley Inc. now owns 67,747 shares of the electronics maker valued at $2,472,000 after buying an additional 14,468 shares last quarter. Institutional investors and hedge funds hold 67.68% of the company’s shares.

GLW shares opened at $33.69 on Monday. Corning has a 1-year low of $33.51 and a 1-year high of $46.82. The stock has a market capitalization of $28.49 billion, a P/E ratio of 27.17, a P/E/G ratio of 1.54 and a beta of 0.95. The company has a debt ratio of 0.56, a quick ratio of 1.08 and a current ratio of 1.59. The company’s fifty-day moving average is $38.23 and its two-hundred-day moving average is $37.95.

Corning (NYSE:GLW – Get Rating) last released its results on Wednesday, January 26. The electronics maker reported earnings per share (EPS) of $0.54 for the quarter, beating Thomson Reuters consensus estimate of $0.51 by $0.03. Corning had a return on equity of 21.65% and a net margin of 13.53%. The company posted revenue of $3.71 billion for the quarter, versus $3.59 billion expected by analysts. In the same quarter a year earlier, the company posted EPS of $0.52. The company’s quarterly revenue increased 11.6% year over year. Sell-side analysts expect Corning to post EPS of 2.32 for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 30. Shareholders of record on Monday, February 28 received a dividend of $0.27 per share. This represents a dividend of $1.08 on an annualized basis and a yield of 3.21%. This is an increase from Corning’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, February 25. Corning’s dividend payout ratio is 87.10%.

Corning Company Profile (Get a rating)

Corning Incorporated is active in display technologies, optical communications, environmental technologies, specialty materials and life sciences worldwide. The Company’s Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, laptops, desktop monitors, tablets and portable devices.

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