Corning’s (GLW) Equal Weight Rating Reaffirmed at Morgan Stanley
Corning Incorporated (NYSE:GLW)‘s stock had its “equal weight” rating reaffirmed by equities research analysts at Morgan Stanley in a research report issued on Monday. They currently have a $29.00 price target on the electronics maker’s stock, up from their previous price target of $26.00. Morgan Stanley’s price objective indicates a potential downside of 2.95% from the stock’s previous close.
A number of other brokerages have also weighed in on GLW. Stifel Nicolaus reaffirmed a “hold” rating and set a $26.00 price objective on shares of Corning in a report on Wednesday, April 12th. Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating and set a $29.00 price objective on shares of Corning in a report on Wednesday, April 26th. Susquehanna Bancshares Inc reaffirmed a “positive” rating and set a $31.00 price objective (down previously from $32.00) on shares of Corning in a report on Tuesday, March 21st. Zacks Investment Research lowered Corning from a “buy” rating to a “hold” rating in a report on Thursday, April 27th. Finally, Drexel Hamilton upped their price objective on Corning from $14.50 to $17.50 and gave the stock a “sell” rating in a report on Wednesday, April 26th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $27.26.
Shares of Corning (NYSE GLW) traded up 1.60% on Monday, hitting $29.88. The stock had a trading volume of 6,619,946 shares. The stock has a market cap of $27.50 billion, a P/E ratio of 7.92 and a beta of 1.37. Corning has a 12 month low of $18.88 and a 12 month high of $29.90. The firm has a 50 day moving average of $29.19 and a 200 day moving average of $26.95.
Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 25th. The electronics maker reported $0.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.04. Corning had a return on equity of 11.25% and a net margin of 42.69%. The firm had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.37 billion. During the same quarter in the prior year, the company posted $0.28 earnings per share. Corning’s quarterly revenue was up 16.0% on a year-over-year basis. On average, equities analysts forecast that Corning will post $1.73 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Wednesday, May 31st will be given a $0.155 dividend. The ex-dividend date is Friday, May 26th. This represents a $0.62 annualized dividend and a dividend yield of 2.07%. Corning’s dividend payout ratio is currently 16.89%.
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In other news, VP Edward A. Schlesinger sold 5,422 shares of the company’s stock in a transaction on Tuesday, May 9th. The stock was sold at an average price of $29.15, for a total value of $158,051.30. Following the sale, the vice president now directly owns 33,083 shares in the company, valued at $964,369.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Clark S. Kinlin sold 40,717 shares of the company’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $29.62, for a total value of $1,206,037.54. Following the completion of the sale, the insider now owns 72,707 shares in the company, valued at $2,153,581.34. The disclosure for this sale can be found here. Insiders sold 457,433 shares of company stock worth $13,393,083 over the last 90 days. Company insiders own 0.59% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. BlackRock Inc. increased its stake in shares of Corning by 1,930.0% in the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock valued at $1,534,712,000 after buying an additional 54,041,176 shares in the last quarter. Dodge & Cox bought a new stake in shares of Corning during the fourth quarter valued at about $759,279,000. Norges Bank bought a new stake in shares of Corning during the fourth quarter valued at about $265,739,000. Wedge Capital Management L L P NC bought a new stake in shares of Corning during the first quarter valued at about $58,813,000. Finally, Janus Capital Management LLC increased its stake in shares of Corning by 60.3% in the first quarter. Janus Capital Management LLC now owns 5,657,868 shares of the electronics maker’s stock valued at $152,763,000 after buying an additional 2,127,260 shares in the last quarter. Institutional investors and hedge funds own 73.59% of the company’s stock.
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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