Corning (GLW) Downgraded to C+ at TheStreet
GLW has been the subject of a number of other research reports. Guggenheim reissued a buy rating and set a $35.00 target price on shares of Corning in a report on Tuesday, December 12th. Citigroup increased their target price on Corning from $33.00 to $35.00 and gave the company a neutral rating in a report on Thursday, January 25th. ValuEngine raised Corning from a hold rating to a buy rating in a report on Sunday, December 31st. Zacks Investment Research raised Corning from a hold rating to a buy rating and set a $36.00 target price for the company in a report on Tuesday, December 19th. Finally, Barclays set a $38.00 target price on Corning and gave the company a buy rating in a report on Wednesday, January 10th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $31.47.
Corning (GLW) opened at $28.80 on Wednesday. Corning has a fifty-two week low of $26.32 and a fifty-two week high of $35.10. The company has a market capitalization of $24,690.00, a P/E ratio of -42.35, a price-to-earnings-growth ratio of 4.25 and a beta of 1.35. The company has a current ratio of 2.75, a quick ratio of 2.22 and a debt-to-equity ratio of 0.35.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Wednesday, February 28th will be given a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, February 27th. This is a positive change from Corning’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.50%. Corning’s dividend payout ratio is -105.88%.
In related news, Director John A. Canning, Jr. purchased 30,000 shares of the company’s stock in a transaction dated Wednesday, February 14th. The stock was acquired at an average cost of $29.60 per share, for a total transaction of $888,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the company’s stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $32.42, for a total value of $1,675,335.92. Following the completion of the sale, the insider now owns 136,032 shares of the company’s stock, valued at $4,410,157.44. The disclosure for this sale can be found here. 0.59% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the company. Jennison Associates LLC purchased a new position in Corning in the third quarter worth approximately $275,460,000. Levin Capital Strategies L.P. grew its position in Corning by 465.8% in the fourth quarter. Levin Capital Strategies L.P. now owns 4,562,512 shares of the electronics maker’s stock worth $145,955,000 after acquiring an additional 3,756,170 shares during the period. Janus Henderson Group PLC grew its position in Corning by 17.0% in the third quarter. Janus Henderson Group PLC now owns 6,881,667 shares of the electronics maker’s stock worth $205,899,000 after acquiring an additional 999,912 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in Corning in the fourth quarter worth approximately $19,831,000. Finally, Neuberger Berman Group LLC grew its position in Corning by 24.9% in the third quarter. Neuberger Berman Group LLC now owns 3,044,997 shares of the electronics maker’s stock worth $91,106,000 after acquiring an additional 606,637 shares during the period. Institutional investors and hedge funds own 69.94% of the company’s stock.
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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