Corning Stock Rating Lowered by Jefferson Research (GLW)
Corning (NYSE:GLW) was downgraded by equities research analysts at Jefferson Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, Stock Ratings Network reports.
Several other analysts have also recently commented on the stock. Analysts at Bank of America raised their price target on shares of Corning from $22.00 to $24.00 in a research note on Friday, February 7th. They now have a “buy” rating on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Corning in a research note on Wednesday, January 29th. They now have a $18.00 price target on the stock. Finally, analysts at Goldman Sachs reiterated a “neutral” rating on shares of Corning in a research note on Monday, January 27th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eleven have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $17.86.
In other Corning news, CFO James Flaws sold 190,335 shares of Corning stock on the open market in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $18.59, for a total value of $3,538,327.65. Following the sale, the chief financial officer now directly owns 347,140 shares in the company, valued at approximately $6,453,333. The sale was disclosed in a filing with the SEC, which is available at this link.
Shares of Corning (NYSE:GLW) traded up 0.61% during mid-day trading on Friday, hitting $19.207. The stock had a trading volume of 2,315,418 shares. Corning has a 52 week low of $12.20 and a 52 week high of $19.12. The stock has a 50-day moving average of $18. and a 200-day moving average of $16.27. The company has a market cap of $26.871 billion and a P/E ratio of 14.25.
Corning (NYSE:GLW) last issued its quarterly earnings data on Monday, January 27th. The company reported $0.29 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.27 by $0.02. The company had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $1.95 billion. During the same quarter last year, the company posted $0.34 earnings per share. Corning’s revenue was down 2.0% compared to the same quarter last year. On average, analysts predict that Corning will post $1.45 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, March 31st. Investors of record on Friday, February 28th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend is Wednesday, February 26th.
Corning Incorporated (NYSE:GLW) is a global, technology-based corporation.
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