Susquehanna reaffirmed their positive rating on shares of Corning Inc. (NYSE:GLW) in a report issued on Wednesday. Susquehanna currently has a $27.00 price target on the stock, up from their previous price target of $25.00.
Other research analysts also recently issued research reports about the stock. Deutsche Bank AG restated a buy rating on shares of Corning in a research report on Saturday, June 4th. Argus restated a buy rating on shares of Corning in a research report on Sunday, June 12th. Bank of America Corp. downgraded shares of Corning from a neutral rating to an underperform rating and reduced their price target for the stock from $42.00 to $28.00 in a research report on Friday, June 10th. Vetr upgraded shares of Corning from a buy rating to a strong-buy rating and set a $21.88 price target for the company in a research report on Monday, June 27th. Finally, Drexel Hamilton downgraded shares of Corning from a hold rating to a sell rating and reduced their price target for the stock from $21.03 to $14.50 in a research report on Friday, June 10th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of C$21.98.
Corning (NYSE:GLW) traded up 0.55% on Wednesday, reaching $23.76. The company had a trading volume of 1,155,453 shares. The firm has a market capitalization of $24.64 billion, a P/E ratio of 13.09 and a beta of 1.44. The company’s 50-day moving average price is $22.79 and its 200 day moving average price is $21.04. Corning has a 1-year low of $16.13 and a 1-year high of $23.77.
Corning (NYSE:GLW) last posted its earnings results on Wednesday, July 27th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.05. Corning had a net margin of 25.53% and a return on equity of 9.65%. The business had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same period in the prior year, the company posted $0.38 EPS. The company’s revenue for the quarter was up .7% on a year-over-year basis. On average, equities analysts forecast that Corning will post $1.42 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Wednesday, August 31st will be given a dividend of $0.135 per share. The ex-dividend date is Monday, August 29th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.29%. Corning’s payout ratio is currently 29.51%.
In related news, VP Eric S. Musser sold 56,853 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of C$22.37, for a total transaction of C$1,271,801.61. Following the completion of the transaction, the vice president now owns 25,693 shares of the company’s stock, valued at approximately C$574,752.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Wendell P. Weeks sold 68,250 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of C$22.21, for a total transaction of C$1,515,832.50. Following the transaction, the chief executive officer now directly owns 68,250 shares of the company’s stock, valued at approximately C$1,515,832.50. The disclosure for this sale can be found here. Corporate insiders own 0.60% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its position in Corning by 32.5% in the second quarter. Bank of New York Mellon Corp now owns 19,226,863 shares of the company’s stock worth $393,767,000 after buying an additional 4,712,631 shares during the last quarter. Ameriprise Financial Inc. boosted its position in Corning by 59.0% in the second quarter. Ameriprise Financial Inc. now owns 10,414,273 shares of the company’s stock worth $213,281,000 after buying an additional 3,863,933 shares during the last quarter. Kiltearn Partners LLP boosted its position in Corning by 10.1% in the first quarter. Kiltearn Partners LLP now owns 8,401,700 shares of the company’s stock worth $175,512,000 after buying an additional 768,500 shares during the last quarter. Emerald Acquisition Ltd. bought a new position in Corning during the second quarter worth $133,993,000. Finally, TCW Group Inc. boosted its position in Corning by 1.6% in the second quarter. TCW Group Inc. now owns 5,653,655 shares of the company’s stock worth $115,786,000 after buying an additional 90,031 shares during the last quarter. 73.63% of the stock is owned by hedge funds and other institutional investors.
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
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