Corning (GLW) – Investment Analysts’ Recent Ratings Updates

A number of firms have modified their ratings and price targets on shares of Corning (NYSE: GLW) recently:

• 4/11/2024 – Corning had its price target raised by analysts at JPMorgan Chase & Co. from $34.00 to $36.00. They now have a “neutral” rating on the stock.
• 4/8/2024 – Corning had its price target raised by analysts at UBS Group AG from $34.00 to $35.00. They now have a “neutral” rating on the stock.
• 4/1/2024 – Corning had its “positive” rating reaffirmed by analysts at Susquehanna. They now have a $40.00 price target on the stock.
• 4/1/2024 – Corning was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating.
• 3/24/2024 – Corning was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating.
• 3/16/2024 – Corning was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating.
• 3/7/2024 – Corning was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating.
• 2/14/2024 – Corning was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating.

Corning Stock Up 1.0 %

Shares of NYSE:GLW traded up $0.32 during trading on Thursday, hitting $32.27. 5,991,250 shares of the company were exchanged, compared to its average volume of 4,777,055. The stock has a market cap of $27.60 billion, a price-to-earnings ratio of 48.16, a P/E/G ratio of 1.83 and a beta of 1.08. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The firm has a fifty day moving average price of $32.41 and a two-hundred day moving average price of $30.34. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same period in the previous year, the company posted $0.47 EPS. The firm’s quarterly revenue was down 12.1% on a year-over-year basis. As a group, research analysts anticipate that Corning Incorporated will post 1.86 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a $0.28 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.47%. Corning’s payout ratio is presently 167.16%.

Insider Activity

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.45% of the company’s stock.

Hedge Funds Weigh In On Corning

Several hedge funds have recently made changes to their positions in GLW. Peoples Bank KS purchased a new position in shares of Corning in the third quarter worth about $25,000. OFI Invest Asset Management bought a new position in shares of Corning in the 3rd quarter worth approximately $25,000. Janiczek Wealth Management LLC raised its position in shares of Corning by 173.6% in the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 571 shares in the last quarter. Cape Investment Advisory Inc. raised its position in shares of Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 800 shares in the last quarter. Finally, Quarry LP purchased a new stake in shares of Corning in the 2nd quarter worth approximately $32,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

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.