Corning Incorporated (GLW) Given Consensus Rating of “Hold” by Analysts

Shares of Corning Incorporated (NYSE:GLW) have received a consensus rating of “Hold” from the nineteen brokerages that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, ten have given a hold recommendation, six have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $29.28.

Several brokerages have recently issued reports on GLW. Guggenheim restated a “buy” rating and issued a $35.00 price objective on shares of Corning in a research report on Tuesday, August 15th. Oppenheimer reiterated a “hold” rating on shares of Corning in a research report on Wednesday, October 25th. Goldman Sachs Group downgraded Corning from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $29.00 to $26.00 in a research report on Tuesday, August 15th. Zacks Investment Research upgraded Corning from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 26th. Finally, BidaskClub downgraded Corning from a “buy” rating to a “hold” rating in a research report on Saturday, August 19th.

Shares of Corning (NYSE GLW) opened at $32.48 on Thursday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.69 and a quick ratio of 2.14. Corning has a 12-month low of $23.48 and a 12-month high of $32.72. The stock has a market capitalization of $28,192.22, a price-to-earnings ratio of 18.64, a PEG ratio of 2.70 and a beta of 1.33.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.02. Corning had a return on equity of 11.53% and a net margin of 24.98%. The business had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.59 billion. During the same period in the prior year, the business earned $0.42 earnings per share. The business’s revenue was up 4.0% on a year-over-year basis. sell-side analysts anticipate that Corning will post 1.7 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 16th will be paid a $0.155 dividend. The ex-dividend date is Wednesday, November 15th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.91%. Corning’s dividend payout ratio (DPR) is currently 26.38%.

In other Corning news, CEO Wendell P. Weeks sold 248,857 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $31.37, for a total transaction of $7,806,644.09. Following the completion of the sale, the chief executive officer now owns 65,333 shares in the company, valued at approximately $2,049,496.21. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Mark S. Rogus sold 9,242 shares of the firm’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $32.12, for a total value of $296,853.04. The disclosure for this sale can be found here. In the last quarter, insiders sold 294,561 shares of company stock valued at $9,254,498. Insiders own 0.59% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of GLW. Steward Partners Investment Advisory LLC bought a new position in Corning during the 3rd quarter worth approximately $1,166,000. GSA Capital Partners LLP bought a new position in Corning during the 3rd quarter worth approximately $223,000. Wealthsource Partners LLC bought a new position in Corning during the 3rd quarter worth approximately $281,000. Dana Investment Advisors Inc. lifted its holdings in shares of Corning by 12.3% in the 3rd quarter. Dana Investment Advisors Inc. now owns 783,500 shares of the electronics maker’s stock worth $23,442,000 after purchasing an additional 86,079 shares during the last quarter. Finally, Parallel Advisors LLC lifted its holdings in shares of Corning by 185.3% in the 3rd quarter. Parallel Advisors LLC now owns 7,373 shares of the electronics maker’s stock worth $233,000 after purchasing an additional 4,789 shares during the last quarter. Hedge funds and other institutional investors own 72.43% of the company’s stock.

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About Corning

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).

Analyst Recommendations for Corning (NYSE:GLW)

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