Brokerages Set Corning Inc. (GLW) Target Price at $30.37

Corning Inc. (NYSE:GLW) has received a consensus rating of “Hold” from the sixteen brokerages that are currently covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, six have given a hold recommendation, six have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $30.37.

Several equities research analysts have recently issued reports on the stock. Citigroup lifted their price objective on shares of Corning from $33.00 to $35.00 and gave the stock a “neutral” rating in a research report on Thursday, January 25th. Barclays set a $38.00 price objective on shares of Corning and gave the stock a “buy” rating in a research report on Wednesday, January 10th. Guggenheim reaffirmed a “buy” rating and set a $35.00 price objective on shares of Corning in a research report on Tuesday, December 12th. Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $36.00 price objective for the company in a research report on Tuesday, December 19th. Finally, ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st.

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Shares of Corning stock traded down $0.91 during trading on Wednesday, hitting $26.55. 10,277,606 shares of the stock were exchanged, compared to its average volume of 6,209,616. The stock has a market cap of $23,545.66, a P/E ratio of 15.44, a price-to-earnings-growth ratio of 4.13 and a beta of 1.36. Corning has a 12-month low of $26.30 and a 12-month high of $35.10. The company has a current ratio of 2.75, a quick ratio of 2.22 and a debt-to-equity ratio of 0.35.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.02. The business had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.65 billion. Corning had a negative net margin of 4.91% and a positive return on equity of 11.63%. The company’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.50 EPS. sell-side analysts forecast that Corning will post 1.66 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, March 29th. Investors of record on Wednesday, February 28th were paid 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 yield of 2.71%. The ex-dividend date of this dividend was Tuesday, February 27th. Corning’s dividend payout ratio (DPR) is currently 41.86%.

In related news, Director John A. Canning, Jr. purchased 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The shares were purchased at an average cost of $29.60 per share, for a total transaction of $888,000.00. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, VP Christine M. Pambianchi sold 1,000 shares of Corning stock in a transaction on Monday, March 12th. The stock was sold at an average price of $29.90, for a total transaction of $29,900.00. The disclosure for this sale can be found here. 0.46% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of GLW. Macquarie Group Ltd. increased its stake in Corning by 31.9% in the third quarter. Macquarie Group Ltd. now owns 38,900 shares of the electronics maker’s stock valued at $1,164,000 after purchasing an additional 9,400 shares during the period. Brown Advisory Inc. increased its stake in Corning by 2.4% in the third quarter. Brown Advisory Inc. now owns 232,191 shares of the electronics maker’s stock valued at $6,947,000 after purchasing an additional 5,348 shares during the period. Dimensional Fund Advisors LP increased its stake in Corning by 0.7% in the third quarter. Dimensional Fund Advisors LP now owns 8,090,707 shares of the electronics maker’s stock valued at $242,077,000 after purchasing an additional 56,973 shares during the period. Stifel Financial Corp increased its stake in Corning by 5.2% in the third quarter. Stifel Financial Corp now owns 743,853 shares of the electronics maker’s stock valued at $22,249,000 after purchasing an additional 36,622 shares during the period. Finally, Mackenzie Financial Corp increased its stake in Corning by 1.6% in the third quarter. Mackenzie Financial Corp now owns 456,135 shares of the electronics maker’s stock valued at $13,648,000 after purchasing an additional 7,035 shares during the period. Institutional investors own 72.86% of the company’s stock.

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About Corning

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

Analyst Recommendations for Corning (NYSE:GLW)

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