Corning (NYSE:GLW) Sets New 52-Week Low After Analyst Downgrade

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Shares of Corning Incorporated (NYSE:GLW) hit a new 52-week low during trading on Tuesday after Morgan Stanley lowered their price target on the stock from $37.00 to $34.00. Morgan Stanley currently has an overweight rating on the stock. Corning traded as low as $26.77 and last traded at $27.20, with a volume of 18312 shares traded. The stock had previously closed at $30.05.

Several other brokerages have also commented on GLW. Susquehanna Bancshares reaffirmed a “neutral” rating and set a $30.00 price target (down previously from $40.00) on shares of Corning in a research report on Thursday, August 1st. Cross Research lowered shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday. TheStreet lowered shares of Corning from a “b-” rating to a “c+” rating in a research report on Monday, August 26th. S&P Equity Research lowered shares of Corning from a “positive” rating to a “neutral” rating and dropped their price target for the stock from $40.00 to $30.00 in a research report on Thursday, August 1st. They noted that the move was a valuation call. Finally, Barclays assumed coverage on shares of Corning in a research report on Wednesday, August 7th. They set an “overweight” rating and a $35.00 price target for the company. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $34.73.

In other news, insider Clark S. Kinlin sold 9,667 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $27.94, for a total value of $270,095.98. Following the completion of the sale, the insider now owns 70,648 shares of the company’s stock, valued at $1,973,905.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.46% of the stock is owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in GLW. Manchester Financial Inc. acquired a new stake in shares of Corning in the second quarter worth $29,000. TRUE Private Wealth Advisors acquired a new stake in shares of Corning in the second quarter worth $31,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Corning in the second quarter worth $33,000. Thor Advisors LLC acquired a new stake in shares of Corning in the first quarter worth $35,000. Finally, SRS Capital Advisors Inc. acquired a new stake in shares of Corning in the second quarter worth $35,000. 71.14% of the stock is owned by institutional investors.

The firm’s 50-day moving average price is $28.40 and its 200-day moving average price is $31.66. The company has a market cap of $23.55 billion, a price-to-earnings ratio of 15.67, a price-to-earnings-growth ratio of 1.53 and a beta of 1.18. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.85 and a quick ratio of 1.18.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.01. The company had revenue of $2.94 billion during the quarter, compared to analyst estimates of $2.97 billion. Corning had a net margin of 12.78% and a return on equity of 15.60%. The business’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.38 earnings per share. On average, sell-side analysts anticipate that Corning Incorporated will post 1.88 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, August 30th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date is Thursday, August 29th. Corning’s payout ratio is 44.94%.

About Corning (NYSE:GLW)

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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