Corning (NYSE:GLW) Stock Jumps 2.3% – Still a Buy?

Corning Incorporated (NYSE:GLW) shares traded up 2.3% during mid-day trading on Tuesday. The stock traded as high as $129.85 and last traded at $126.0480. Approximately 7,703,625 shares were traded during mid-day trading, a decline of 35% from the average session volume of 11,865,093 shares. The stock had previously closed at $123.20.

Wall Street Analyst Weigh In

GLW has been the topic of a number of recent analyst reports. UBS Group dropped their price target on shares of Corning from $201.00 to $192.00 and set a “buy” rating on the stock in a research note on Wednesday, October 28th. Barclays raised their price target on Corning from $129.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 28th. Sanford C. Bernstein initiated coverage on Corning in a report on Wednesday, September 30th. They set a “market perform” rating and a $140.00 price objective on the stock. Citigroup restated a “buy” rating on shares of Corning in a report on Tuesday, October 27th. Finally, Zacks Research upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $175.81.

Corning Stock Performance

The company has a market cap of $108.58 billion, a P/E ratio of 51.03, a PEG ratio of 1.62 and a beta of 1.13. The company has a 50 day moving average price of $147.35 and a 200-day moving average price of $155.13. The company has a quick ratio of 1.24, a current ratio of 1.72 and a debt-to-equity ratio of 0.51.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. The firm had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $5.03 billion. Corning had a net margin of 12.13% and a return on equity of 20.83%. Corning’s revenue for the quarter was up 18.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.67 earnings per share. Equities analysts expect that Corning Incorporated will post 3.37 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be paid a $0.28 dividend. The ex-dividend date is Friday, November 13th. This represents a $1.12 annualized dividend and a dividend yield of 0.9%. Corning’s dividend payout ratio (DPR) is presently 45.34%.

Insider Buying and Selling at Corning

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the stock in a transaction on Friday, August 28th. The stock was sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the completion of the transaction, the executive vice president directly owned 15,052 shares in the company, valued at $2,277,217.08. This represents a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On Corning

Several large investors have recently made changes to their positions in the company. Parallel Advisors LLC raised its stake in shares of Corning by 0.7% during the third quarter. Parallel Advisors LLC now owns 22,709 shares of the electronics maker’s stock valued at $3,492,000 after acquiring an additional 159 shares during the last quarter. International Assets Investment Management LLC grew its stake in shares of Corning by 549.3% in the third quarter. International Assets Investment Management LLC now owns 12,324 shares of the electronics maker’s stock worth $1,977,000 after purchasing an additional 10,426 shares during the last quarter. Calamos Wealth Management LLC grew its stake in shares of Corning by 76.3% in the third quarter. Calamos Wealth Management LLC now owns 1,604 shares of the electronics maker’s stock worth $247,000 after purchasing an additional 694 shares during the last quarter. Calamos Advisors LLC increased its holdings in Corning by 2.1% during the 3rd quarter. Calamos Advisors LLC now owns 36,665 shares of the electronics maker’s stock valued at $5,638,000 after purchasing an additional 742 shares during the period. Finally, Alta Advisers Ltd increased its holdings in Corning by 80.3% during the 3rd quarter. Alta Advisers Ltd now owns 5,668 shares of the electronics maker’s stock valued at $872,000 after purchasing an additional 2,524 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Company Profile

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.