Brokerages Set Corning Incorporated (GLW) Price Target at $30.67

Shares of Corning Incorporated (NYSE:GLW) have received a consensus rating of “Hold” from the fifteen ratings firms that are presently covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $30.67.

A number of research analysts have issued reports on GLW shares. Oppenheimer restated a “hold” rating on shares of Corning in a report on Wednesday, January 31st. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Guggenheim restated a “buy” rating on shares of Corning in a report on Tuesday, January 30th. Zacks Investment Research lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Friday, December 22nd. Finally, Citigroup increased their price objective on shares of Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, October 25th.

In related news, Director Deborah Rieman sold 2,083 shares of the firm’s stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $32.16, for a total value of $66,989.28. Following the transaction, the director now owns 102,896 shares in the company, valued at $3,309,135.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the firm’s stock in a transaction that occurred on Thursday, December 21st. The shares were 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 in the company, valued at approximately $4,410,157.44. The disclosure for this sale can be found here. Corporate insiders own 0.59% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. United Bank VA raised its holdings in Corning by 0.8% in the second quarter. United Bank VA now owns 70,570 shares of the electronics maker’s stock valued at $2,121,000 after buying an additional 583 shares during the period. Sentry Investment Management LLC raised its holdings in Corning by 1.1% in the second quarter. Sentry Investment Management LLC now owns 72,401 shares of the electronics maker’s stock valued at $2,176,000 after buying an additional 767 shares during the period. BKD Wealth Advisors LLC raised its holdings in Corning by 9.2% in the fourth quarter. BKD Wealth Advisors LLC now owns 17,415 shares of the electronics maker’s stock valued at $557,000 after buying an additional 1,464 shares during the period. Advisor Partners LLC raised its holdings in Corning by 7.8% in the fourth quarter. Advisor Partners LLC now owns 21,626 shares of the electronics maker’s stock valued at $750,000 after buying an additional 1,564 shares during the period. Finally, Abbot Financial Management Inc. raised its holdings in Corning by 2.2% in the third quarter. Abbot Financial Management Inc. now owns 72,750 shares of the electronics maker’s stock valued at $2,324,000 after buying an additional 1,600 shares during the period. Hedge funds and other institutional investors own 71.82% of the company’s stock.

Corning (NYSE GLW) traded up $0.02 during trading hours on Tuesday, reaching $29.54. 7,230,625 shares of the company’s stock were exchanged, compared to its average volume of 7,860,000. The stock has a market cap of $25,670.00, a price-to-earnings ratio of -37.39, a price-to-earnings-growth ratio of 4.37 and a beta of 1.34. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.22 and a current ratio of 2.75. Corning has a 52 week low of $26.32 and a 52 week high of $35.10.

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

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

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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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