GLW has been the subject of several other research reports. Bank of America Corp. reissued a sell rating and issued a $17.50 price target on shares of Corning in a report on Wednesday, September 21st. Goldman Sachs Group Inc. reaffirmed a buy rating on shares of Corning in a report on Friday, August 26th. Susquehanna reaffirmed a positive rating and set a $27.00 target price (up previously from $25.00) on shares of Corning in a report on Wednesday, September 28th. Citigroup Inc. lifted their target price on Corning from $23.00 to $26.00 and gave the stock a buy rating in a report on Friday, August 26th. Finally, Standpoint Research downgraded Corning from a buy rating to a hold rating in a report on Monday, June 13th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the stock. Corning has an average rating of Hold and a consensus price target of C$21.98.
Corning (NYSE:GLW) opened at 23.80 on Monday. The company has a market cap of $24.68 billion, a PE ratio of 13.11 and a beta of 1.34. Corning has a 1-year low of $16.13 and a 1-year high of $23.89. The firm’s 50-day moving average is $22.89 and its 200 day moving average is $21.18.
Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.05. The business earned $2.36 billion during the quarter, compared to the consensus estimate of $2.38 billion. Corning had a return on equity of 9.65% and a net margin of 25.53%. The company’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter last year, the company earned $0.38 earnings per share. Analysts predict that Corning will post $1.43 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, November 17th will be paid a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 2.27%. Corning’s dividend payout ratio (DPR) is presently 29.51%.
In other news, insider James P. Clappin sold 15,000 shares of the company’s stock in a transaction on Thursday, July 28th. The stock was sold at an average price of C$22.00, for a total value of C$330,000.00. Following the transaction, the insider now owns 81,589 shares of the company’s stock, valued at approximately C$1,794,958. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Eric S. Musser sold 56,853 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of C$22.37, for a total value of C$1,271,801.61. Following the completion of the transaction, the vice president now directly owns 25,693 shares in the company, valued at approximately C$574,752.41. The disclosure for this sale can be found here. 0.60% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its position in Corning by 32.5% in the second quarter. Bank of New York Mellon Corp now owns 19,226,863 shares of the company’s stock valued at $393,767,000 after buying an additional 4,712,631 shares during the last quarter. Ameriprise Financial Inc. raised its position in Corning by 59.0% in the second quarter. Ameriprise Financial Inc. now owns 10,414,273 shares of the company’s stock valued at $213,281,000 after buying an additional 3,863,933 shares during the last quarter. Kiltearn Partners LLP raised its position in Corning by 10.1% in the first quarter. Kiltearn Partners LLP now owns 8,401,700 shares of the company’s stock valued at $175,512,000 after buying an additional 768,500 shares during the last quarter. Emerald Acquisition Ltd. purchased a new position in Corning during the second quarter valued at about $133,993,000. Finally, TCW Group Inc. raised its position in Corning by 1.6% in the second quarter. TCW Group Inc. now owns 5,653,655 shares of the company’s stock valued at $115,786,000 after buying an additional 90,031 shares during the last quarter. 73.63% of the stock is currently owned by institutional investors and hedge funds.
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
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