Shares of Corning Inc. (NYSE:GLW) have earned an average recommendation of “Hold” from the seventeen ratings firms that are covering the stock. Four analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating on the company. The average 12-month price objective among analysts that have covered the stock in the last year is C$21.29.
A number of brokerages have recently commented on GLW. Deutsche Bank AG reissued a “buy” rating on shares of Corning in a report on Monday. Zacks Investment Research lowered Corning from a “hold” rating to a “sell” rating in a report on Monday. Susquehanna reissued a “positive” rating and set a $27.00 price objective (up previously from $25.00) on shares of Corning in a report on Wednesday, September 28th. Bank of America Corp. reissued a “sell” rating and set a $17.50 price objective on shares of Corning in a report on Wednesday, September 21st. Finally, Goldman Sachs Group Inc. reissued a “buy” rating on shares of Corning in a report on Friday, August 26th.
In related news, CEO Wendell P. Weeks sold 68,250 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 68,250 shares of the company’s stock, valued at approximately C$1,515,832.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Martin J. Curran sold 9,000 shares of the firm’s stock in a transaction on Thursday, July 28th. The shares were sold at an average price of C$21.86, for a total value of C$196,740.00. Following the sale, the vice president now directly owns 25,052 shares of the company’s stock, valued at C$547,636.72. The disclosure for this sale can be found here. 0.60% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. Independent Portfolio Consultants Inc. boosted its stake in Corning by 77.3% in the third quarter. Independent Portfolio Consultants Inc. now owns 7,801 shares of the company’s stock worth $184,000 after buying an additional 3,400 shares in the last quarter. Telemus Capital LLC boosted its stake in Corning by 45.1% in the third quarter. Telemus Capital LLC now owns 31,314 shares of the company’s stock worth $741,000 after buying an additional 9,739 shares in the last quarter. Burke & Herbert Bank & Trust Co. acquired a new stake in Corning during the third quarter worth $317,000. Eqis Capital Management Inc. boosted its stake in Corning by 21.9% in the third quarter. Eqis Capital Management Inc. now owns 26,587 shares of the company’s stock worth $629,000 after buying an additional 4,769 shares in the last quarter. Finally, Park National Corp OH boosted its stake in Corning by 2.7% in the third quarter. Park National Corp OH now owns 779,322 shares of the company’s stock worth $18,431,000 after buying an additional 20,396 shares in the last quarter. 73.63% of the stock is owned by hedge funds and other institutional investors.
Shares of Corning (NYSE:GLW) traded up 0.04% during midday trading on Thursday, hitting $23.81. The stock had a trading volume of 1,967,936 shares. The firm has a market cap of $24.69 billion, a PE ratio of 13.12 and a beta of 1.34. The firm has a 50-day moving average of $22.89 and a 200 day moving average of $21.18. Corning has a 12-month low of $16.13 and a 12-month high of $23.89.
Corning (NYSE:GLW) last issued its earnings results on Wednesday, July 27th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.05. Corning had a return on equity of 9.65% and a net margin of 25.53%. The company 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 firm posted $0.38 EPS. The business’s revenue was up .7% compared to the same quarter last year. On average, analysts expect that Corning will post $1.43 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, November 17th will be issued a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.27%. Corning’s payout ratio is presently 29.51%.
Corning Company Profile
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.
Receive News & Ratings for Corning Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning Inc. and related companies with MarketBeat.com's FREE daily email newsletter.