Corning Downgraded to “Hold” at Standpoint Research (GLW)
Corning (NYSE:GLW) was downgraded by investment analysts at Standpoint Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, TheFlyOnTheWall.com reports. The analysts noted that the move was a valuation call.
Other equities research analysts have also recently issued reports about the stock. Analysts at Stifel Nicolaus raised their price target on shares of Corning from $17.00 to $23.00 in a research note to investors on Wednesday. They now have a “buy” rating on the stock. Separately, analysts at UBS AG cut their price target on shares of Corning to $16.00 in a research note to investors on Tuesday, October 15th. They now have a “buy” rating on the stock. Finally, analysts at Credit Agricole reiterated an “underperform” rating on shares of Corning in a research note to investors on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and twelve have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $16.17.
Corning (NYSE:GLW) traded up 9.64% on Wednesday, hitting $16.83. The stock had a trading volume of 42,087,224 shares. Corning has a one year low of $10.71 and a one year high of $16.43. The stock’s 50-day moving average is $14.7 and its 200-day moving average is $14.35. The company has a market cap of $24.579 billion and a P/E ratio of 11.92. Corning also was the recipient of unusually large options trading on Tuesday. Investors bought 21,736 put options on the stock. This is an increase of approximately 187% compared to the average volume of 7,571 put options.
Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.01. The company had revenue of $2.00 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the previous year, the company posted $0.31 earnings per share. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. Analysts expect that Corning will post $1.26 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, December 13th. Shareholders of record on Friday, November 15th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date of this dividend is Wednesday, November 13th.
Corning Incorporated (NYSE:GLW) is a global, technology-based corporation.
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