Corning Inc. (GLW) Given Sell Rating at Bank of America Corp.
Corning Inc. (NYSE:GLW)‘s stock had its “sell” rating reissued by analysts at Bank of America Corp. in a research report issued on Wednesday. They currently have a $17.50 price target on the stock.
A number of other research analysts also recently issued reports on GLW. Vetr downgraded Corning from a “strong-buy” rating to a “buy” rating and set a $23.33 price target for the company. in a report on Tuesday, May 31st. Argus reissued a “buy” rating on shares of Corning in a report on Sunday, June 12th. Deutsche Bank AG reissued a “buy” rating on shares of Corning in a report on Saturday, June 4th. Citigroup Inc. boosted their price target on Corning from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, August 26th. Finally, Drexel Hamilton downgraded Corning from a “hold” rating to a “sell” rating and decreased their price target for the company from $21.03 to $14.50 in a report on Friday, June 10th. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the stock. Corning presently has an average rating of “Hold” and a consensus target price of C$21.45.
Shares of Corning (NYSE:GLW) traded up 1.15% during mid-day trading on Wednesday, reaching $22.96. The company had a trading volume of 11,661,108 shares. The company has a market capitalization of $23.81 billion, a PE ratio of 12.65 and a beta of 1.44. The stock’s 50-day moving average price is $22.67 and its 200 day moving average price is $20.88. Corning has a 1-year low of $16.13 and a 1-year high of $23.13.
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Corning (NYSE:GLW) last announced 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 return on equity of 9.65% and a net margin of 25.53%. The company earned $2.36 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the previous year, the company posted $0.38 earnings per share. Corning’s revenue for the quarter was up .7% on a year-over-year basis. Equities analysts expect that Corning will post $1.43 EPS for the current year.
The company also recently declared 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. This represents a $0.54 annualized dividend and a dividend yield of 2.35%. The ex-dividend date is Monday, August 29th. Corning’s payout ratio is 29.51%.
In other Corning news, VP Eric S. Musser sold 56,853 shares of the business’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of C$22.37, for a total transaction of C$1,271,801.61. Following the transaction, the vice president now owns 25,693 shares of the company’s stock, valued at C$574,752.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 stock was sold at an average price of C$23.00, for a total value of C$207,000.00. Following the transaction, the insider now directly owns 52,629 shares in the company, valued at approximately C$1,210,467. The disclosure for this sale can be found here. Corporate insiders own 0.60% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in GLW. Carnick & Kubik Group LLC bought a new position in Corning during the second quarter worth $758,000. Kentucky Retirement Systems Insurance Trust Fund bought a new position in Corning during the second quarter worth $889,000. Kentucky Retirement Systems bought a new position in Corning during the second quarter worth $1,873,000. Mason Street Advisors LLC bought a new position in Corning during the second quarter worth $2,966,000. Finally, Northwestern Mutual Wealth Management Co. raised its position in Corning by 10.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 25,878 shares of the company’s stock worth $529,000 after buying an additional 2,534 shares during the period. 73.64% of the stock is currently owned by 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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