StockNews.com upgraded shares of Corning (NYSE:GLW – Free Report) from a sell rating to a hold rating in a research report sent to investors on Monday.
Other equities research analysts have also issued research reports about the stock. Barclays raised their price target on shares of Corning from $28.00 to $35.00 and gave the stock an equal weight rating in a report on Wednesday, January 31st. HSBC lowered shares of Corning from a hold rating to a reduce rating and set a $29.00 target price on the stock. in a research note on Thursday, February 1st. Finally, UBS Group lifted their target price on shares of Corning from $29.00 to $32.00 and gave the company a neutral rating in a research note on Thursday, January 11th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Corning presently has an average rating of Hold and a consensus target price of $33.67.
View Our Latest Stock Analysis on Corning
Corning Price Performance
Corning (NYSE:GLW – Get Free Report) last announced its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.39. The business had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company’s revenue was down 12.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.47 EPS. Research analysts anticipate that Corning will post 1.86 earnings per share for the current year.
Corning Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.44%. The ex-dividend date was Wednesday, February 28th. Corning’s payout ratio is currently 167.16%.
Insider Buying and Selling
In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the sale, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.45% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of the company. Appleton Partners Inc. MA raised its holdings in Corning by 2.5% in the first quarter. Appleton Partners Inc. MA now owns 44,679 shares of the electronics maker’s stock worth $1,473,000 after buying an additional 1,105 shares during the last quarter. Nomura Holdings Inc. purchased a new position in Corning in the fourth quarter worth about $472,000. HighPoint Advisor Group LLC purchased a new position in Corning in the fourth quarter worth about $614,000. Cove Private Wealth LLC purchased a new position in Corning in the fourth quarter worth about $669,000. Finally, Wahed Invest LLC raised its holdings in Corning by 8.6% in the fourth quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock worth $395,000 after buying an additional 1,028 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.
Corning Company Profile
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.
Featured Articles
- Five stocks we like better than Corning
- Which Wall Street Analysts are the Most Accurate?
- What is a Bull Market? Key Information about Bull Markets
- TSX Venture Exchange (Formerly Canadian Venture Exchange)
- Akebia Therapeutics Surges on FDA Approval for Anemia Treatment
- NYSE Stocks Give Investors a Variety of Quality OptionsÂ
- Dave & Buster’s Stock Value Is Unleashed, Not Too Late To Get In
Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.