A number of other equities research analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Corning from a hold rating to a sell rating in a research report on Monday. Susquehanna reiterated a positive rating and set a $27.00 price target (up from $25.00) on shares of Corning in a research report on Wednesday, September 28th. Bank of America Corp. reiterated a sell rating and set a $17.50 price target on shares of Corning in a research report on Wednesday, September 21st. Goldman Sachs Group Inc. reiterated a buy rating on shares of Corning in a research report on Friday, August 26th. Finally, Citigroup Inc. lifted their price target on shares of Corning from $23.00 to $26.00 and gave the company a buy rating in a research report on Friday, August 26th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of C$21.98.
Corning (NYSE:GLW) traded up 0.17% on Monday, reaching $23.70. The company had a trading volume of 348,909 shares. Corning has a 52-week low of $16.13 and a 52-week high of $23.81. The stock has a market capitalization of $24.57 billion, a PE ratio of 13.06 and a beta of 1.33. The stock has a 50 day moving average price of $22.85 and a 200 day moving average price of $21.14.
Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ 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 company earned $2.36 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same period last year, the firm earned $0.38 EPS. The company’s revenue for the quarter was up .7% on a year-over-year basis. Analysts expect that Corning will post $1.43 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Wednesday, August 31st were paid a dividend of $0.135 per share. The ex-dividend date was Monday, August 29th. This represents a $0.54 annualized dividend and a dividend yield of 2.28%. Corning’s dividend payout ratio is presently 29.51%.
In other news, insider R Tony Tripeny sold 7,500 shares of the business’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of C$22.27, for a total transaction of C$167,025.00. Following the completion of the sale, the insider now directly owns 48,221 shares of the company’s stock, valued at approximately C$1,073,881.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David L. Morse sold 9,000 shares of the business’s stock in a transaction on Thursday, August 11th. The shares were sold at an average price of C$23.00, for a total transaction of C$207,000.00. Following the sale, the insider now directly owns 52,629 shares of the company’s stock, valued at C$1,210,467. The disclosure for this sale can be found here. Insiders own 0.60% of the company’s stock.
Several hedge funds have recently made changes to their positions in GLW. Virginia Retirement System acquired a new position in Corning during the first quarter valued at $401,000. Ngam Advisors L.P. raised its position in Corning by 4.6% in the first quarter. Ngam Advisors L.P. now owns 88,790 shares of the company’s stock valued at $1,855,000 after buying an additional 3,892 shares during the last quarter. TIAA CREF Investment Management LLC raised its position in Corning by 3.1% in the first quarter. TIAA CREF Investment Management LLC now owns 4,115,432 shares of the company’s stock valued at $85,971,000 after buying an additional 123,714 shares during the last quarter. Sentry Investment Management LLC raised its position in Corning by 0.8% in the first quarter. Sentry Investment Management LLC now owns 90,039 shares of the company’s stock valued at $1,881,000 after buying an additional 758 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. acquired a new position in Corning during the first quarter valued at $51,758,000. 73.63% of the stock is owned by institutional investors.
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.
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