A number of research firms have changed their ratings and price targets for Corning (NYSE: GLW):

  • 10/3/2016 – Corning was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. According to Zacks, “Corning is primarily a developer of advanced glass substrates for multiple markets. The company saw the seasonal strength in Optical Communications in the quarter. These factors along with new and pipeline products, management’s recently announced capital allocation plans are positives. We believe the company remains focus on expanding its footprint in the automotive market, which will drive top-line growth. However, managemnt expects Specialty Materials segment to remain weak in the upcoming quarter due to lower-than-expected demand for mobile devices. Also important to note that several key end markets (tablets, mobile, etc) are underperforming in 2016 and the company has slipped into a net debt position.”
  • 10/3/2016 – Corning had its “buy” rating reaffirmed by analysts at Deutsche Bank AG.
  • 9/28/2016 – Corning had its “positive” rating reaffirmed by analysts at Susquehanna. They now have a $27.00 price target on the stock, up previously from $25.00.
  • 9/21/2016 – Corning had its “sell” rating reaffirmed by analysts at Bank of America Corp.. They now have a $17.50 price target on the stock.
  • 8/26/2016 – Corning had its price target raised by analysts at Citigroup Inc. from $23.00 to $26.00. They now have a “buy” rating on the stock.
  • 8/26/2016 – Corning had its “buy” rating reaffirmed by analysts at Goldman Sachs Group Inc..

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 Thomson Reuters’ consensus estimate 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%. The firm’s revenue was up .7% on a year-over-year basis. During the same period in the previous year, the company earned $0.38 EPS.

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, November 17th will be issued a dividend of $0.135 per share. The ex-dividend date is Tuesday, November 15th. This represents a $0.54 annualized dividend and a dividend yield of 2.27%. Corning’s dividend payout ratio is 29.51%.

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In related news, insider David L. Morse sold 9,000 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately C$1,210,467. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David L. Morse sold 18,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 28th. The shares were sold at an average price of C$23.50, for a total value of C$423,000.00. Following the completion of the transaction, the insider now directly owns 61,629 shares in the company, valued at C$1,448,281.50. The disclosure for this sale can be found here. Insiders own 0.60% of the company’s stock.

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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