JPMorgan Chase & Co. Has Lowered Expectations for Corning (NYSE:GLW) Stock Price

Corning (NYSE:GLW) had its price objective cut by JPMorgan Chase & Co. from $62.00 to $50.00 in a report released on Thursday morning,Benzinga reports. They currently have an overweight rating on the electronics maker’s stock.

A number of other analysts also recently weighed in on the company. Bank of America upped their price objective on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and increased their target price for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Mizuho set a $52.00 price target on Corning in a report on Tuesday. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Finally, Barclays decreased their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $53.31.

Corning Trading Up 0.5 %

NYSE:GLW opened at $41.50 on Thursday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $35.55 billion, a PE ratio of 71.55, a P/E/G ratio of 1.50 and a beta of 1.03. The stock’s 50 day moving average price is $46.42 and its 200 day moving average price is $47.67. Corning has a 52-week low of $31.20 and a 52-week high of $55.33.

Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, research analysts anticipate that Corning will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.70%. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Insider Activity

In related news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Corning during the 4th quarter valued at about $490,933,000. Polar Capital Holdings Plc acquired a new stake in Corning in the fourth quarter valued at approximately $124,253,000. Amundi raised its stake in shares of Corning by 139.0% during the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock valued at $186,186,000 after purchasing an additional 2,268,436 shares during the period. Mariner LLC boosted its stake in shares of Corning by 134.0% in the fourth quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker’s stock valued at $183,867,000 after purchasing an additional 2,215,840 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Corning during the 4th quarter valued at $92,522,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.