Corning’s (GLW) “Sell” Rating Reiterated at Bank of America Corp.
Corning Inc. (NYSE:GLW)‘s stock had its “sell” rating restated by analysts at Bank of America Corp. in a research report issued to clients and investors on Wednesday. They currently have a $17.50 price target on the stock.
GLW has been the subject of a number of other reports. Argus reissued a “buy” rating on shares of Corning in a research report on Sunday, June 12th. Vetr raised Corning from a “buy” rating to a “strong-buy” rating and set a $21.88 price target for the company in a research report on Monday, June 27th. Drexel Hamilton lowered Corning from a “hold” rating to a “sell” rating and lowered their price target for the company from $21.03 to $14.50 in a research report on Friday, June 10th. They noted that the move was a valuation call. Goldman Sachs Group Inc. raised Corning from a “buy” rating to a “conviction-buy” rating and set a $27.00 price target for the company in a research report on Thursday, July 7th. Finally, Deutsche Bank AG reissued a “buy” rating on shares of Corning in a research report on Saturday, June 4th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company. Corning has a consensus rating of “Hold” and an average price target of C$21.45.
Corning (NYSE:GLW) traded up 0.551% during midday trading on Wednesday, hitting $22.825. The stock had a trading volume of 2,302,461 shares. The stock has a market cap of $23.67 billion, a P/E ratio of 12.576 and a beta of 1.44. Corning has a 52 week low of $16.13 and a 52 week high of $23.13. The company has a 50-day moving average price of $22.67 and a 200-day moving average price of $20.88.
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Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.05. The business earned $2.36 billion during the quarter, compared to analyst estimates of $2.38 billion. Corning had a return on equity of 9.65% and a net margin of 25.53%. Corning’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.38 EPS. Equities analysts expect that Corning will post $1.43 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Wednesday, August 31st will be paid a $0.135 dividend. The ex-dividend date is Monday, August 29th. This represents a $0.54 annualized dividend and a yield of 2.38%. Corning’s dividend payout ratio is currently 29.51%.
In other Corning news, insider James P. Clappin sold 15,000 shares of the firm’s stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of C$22.00, for a total value of C$330,000.00. Following the sale, the insider now owns 81,589 shares of the company’s stock, valued at approximately C$1,794,958. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Martin J. Curran sold 9,000 shares of the firm’s stock in a transaction dated 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 completion of the sale, the vice president now directly owns 25,052 shares in the company, valued at approximately C$547,636.72. The disclosure for this sale can be found here. 0.60% of the stock is owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Telemus Capital LLC acquired a new stake in Corning during the first quarter valued at $350,000. Sii Investments Inc. WI boosted its position in shares of Corning by 3.4% in the first quarter. Sii Investments Inc. WI now owns 26,874 shares of the company’s stock worth $564,000 after buying an additional 896 shares in the last quarter. Investment Centers of America Inc. boosted its position in shares of Corning by 9.8% in the first quarter. Investment Centers of America Inc. now owns 18,369 shares of the company’s stock worth $383,000 after buying an additional 1,636 shares in the last quarter. Glenmede Trust Co. NA boosted its position in shares of Corning by 40.2% in the first quarter. Glenmede Trust Co. NA now owns 696,463 shares of the company’s stock worth $14,548,000 after buying an additional 199,742 shares in the last quarter. Finally, Douglas Lane & Associates LLC purchased a new position in shares of Corning during the first quarter worth $35,325,000. 73.64% of the stock is currently owned by hedge funds and other 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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