Research Analysts’ Recent Ratings Changes for Corning (GLW)

Several brokerages have updated their recommendations and price targets on shares of Corning (NYSE: GLW) in the last few weeks:

  • 2/2/2018 – Corning was upgraded by analysts at ValuEngine from a “hold” rating to a “buy” rating.
  • 1/31/2018 – Corning had its “hold” rating reaffirmed by analysts at Oppenheimer Holdings Inc..
  • 1/30/2018 – Corning had its “buy” rating reaffirmed by analysts at Guggenheim. They wrote, “We reduce our FY18E EPS by -9c to $1.73, with -6c of that from a new higher tax rate, and the rest from higher COGS/Opex in 1H18E, but our forecast for GLW to then get back to >20%Y/Y EPS growth in 2H18E and FY19E.””
  • 1/25/2018 – Corning had its price target raised by analysts at Citigroup Inc from $33.00 to $35.00. They now have a “neutral” rating on the stock.
  • 1/10/2018 – Corning was given a new $38.00 price target on by analysts at Barclays PLC. They now have a “buy” rating on the stock.
  • 12/31/2017 – Corning was upgraded by analysts at ValuEngine from a “hold” rating to a “buy” rating.
  • 12/22/2017 – Corning was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Corning is a worldwide provider of connectivity solutions. The company has been supplementing its portfolio with various acquisitions. Most recently, the company announced that it has agreed to take over 3M Company’s Communication Markets Division for $900 million. Corning is benefiting from robust performance in the company’s Optical Communications and Specialty Materials business lines. Moreover, strong demand for Gorilla Glass 5 (GG5) and its fiber optics products is a key catalyst. Moreover, the company remains focused on expanding its footprint in the automotive market driven by gas particulate filters (GPFs) and a Gorilla-sized automotive glass business. Further, aggressive share buyback in accordance with the strategy & capital allocation framework will also boost bottom line growth. On a year-to-date basis, the stock has outperformed the industry it belongs to. However, weakness in the Display segment remains a headwind.”
  • 12/19/2017 – Corning was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $36.00 price target on the stock. According to Zacks, “Corning is a worldwide provider of connectivity solutions. The company has been supplementing its portfolio with various acquisitions. Most recently, the company announced that it has agreed to take over 3M Company’s Communication Markets Division for $900 million. Corning is benefiting from robust performance in the company’s Optical Communications and Specialty Materials business lines. Moreover, strong demand for Gorilla Glass 5 (GG5) and its fiber optics products is a key catalyst. Moreover, the company remains focused on expanding its footprint in the automotive market driven by gas particulate filters (GPFs) and a Gorilla-sized automotive glass business. Further, aggressive share buyback in accordance with the strategy & capital allocation framework will also boost bottom line growth. On a year-to-date basis, the stock has outperformed the industry it belongs to. However, weakness in the Display segment remains a headwind.”

Corning Incorporated (NYSE GLW) traded up $0.68 during mid-day trading on Monday, reaching $29.45. The company’s stock had a trading volume of 9,879,345 shares, compared to its average volume of 7,490,000. The company has a quick ratio of 2.22, a current ratio of 2.75 and a debt-to-equity ratio of 0.35. The stock has a market cap of $25,590.00, a price-to-earnings ratio of -37.28, a PEG ratio of 4.30 and a beta of 1.34. Corning Incorporated has a 1-year low of $26.31 and a 1-year high of $35.10.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.02. The business had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.65 billion. Corning had a positive return on equity of 11.62% and a negative net margin of 4.91%. The company’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.50 EPS. sell-side analysts expect that Corning Incorporated will post 1.67 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Wednesday, February 28th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date of this dividend is Tuesday, February 27th. This is a positive change from Corning’s previous quarterly dividend of $0.16. Corning’s payout ratio is presently -78.48%.

In other news, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the business’s stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $32.42, for a total transaction of $1,675,335.92. Following the completion of the transaction, the insider now owns 136,032 shares of the company’s stock, valued at $4,410,157.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Deborah Rieman sold 2,083 shares of the business’s stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $32.16, for a total value of $66,989.28. Following the transaction, the director now directly owns 102,896 shares of the company’s stock, valued at approximately $3,309,135.36. The disclosure for this sale can be found here. 0.59% of the stock is owned by insiders.

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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