Corning Incorporated (GLW) Earns “Hold” Rating from Jefferies Group LLC
Jefferies Group LLC reaffirmed their hold rating on shares of Corning Incorporated (NYSE:GLW) in a report issued on Thursday. Jefferies Group LLC currently has a $29.50 price objective on the electronics maker’s stock. Jefferies Group also issued estimates for Corning’s Q3 2017 earnings at $0.42 EPS, Q4 2017 earnings at $0.47 EPS, FY2017 earnings at $1.69 EPS, Q1 2018 earnings at $0.40 EPS, Q2 2018 earnings at $0.44 EPS, Q3 2018 earnings at $0.48 EPS and FY2018 earnings at $1.85 EPS.
Several other brokerages have also recently weighed in on GLW. Drexel Hamilton raised their price target on shares of Corning from $14.50 to $17.50 and gave the stock a sell rating in a research note on Wednesday, April 26th. Deutsche Bank AG reaffirmed a buy rating and set a $33.00 price target (up from $30.00) on shares of Corning in a research note on Saturday, April 29th. Goldman Sachs Group, Inc. (The) reaffirmed a neutral rating and set a $29.00 price target on shares of Corning in a research note on Wednesday, April 26th. Zacks Investment Research raised shares of Corning from a hold rating to a buy rating and set a $30.00 price target for the company in a research note on Friday, April 21st. Finally, Vetr raised shares of Corning from a buy rating to a strong-buy rating and set a $33.69 price target for the company in a research note on Tuesday, July 4th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $27.81.
Corning (NYSE:GLW) traded down 0.530% during mid-day trading on Thursday, reaching $29.095. 4,425,962 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $30.32 and a 200 day moving average price of $28.22. Corning has a 52-week low of $22.07 and a 52-week high of $32.17. The company has a market cap of $26.28 billion, a PE ratio of 12.995 and a beta of 1.41.
Corning (NYSE:GLW) last posted its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. Corning had a return on equity of 11.67% and a net margin of 24.16%. The business had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same period in the prior year, the business earned $0.37 EPS. Corning’s revenue for the quarter was up 6.1% compared to the same quarter last year. Equities analysts predict that Corning will post $1.71 earnings per share for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be issued a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s payout ratio is presently 27.93%.
In other Corning news, VP Eric S. Musser sold 23,236 shares of the firm’s stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $29.12, for a total transaction of $676,632.32. Following the completion of the sale, the vice president now owns 63,040 shares of the company’s stock, valued at approximately $1,835,724.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Wendell P. Weeks sold 153,500 shares of the firm’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $29.58, for a total value of $4,540,530.00. Following the sale, the chief executive officer now directly owns 76,750 shares of the company’s stock, valued at approximately $2,270,265. The disclosure for this sale can be found here. In the last three months, insiders sold 416,358 shares of company stock valued at $12,224,089. 0.59% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in GLW. Raymond James Trust N.A. increased its stake in shares of Corning by 4.7% in the first quarter. Raymond James Trust N.A. now owns 46,712 shares of the electronics maker’s stock valued at $1,261,000 after buying an additional 2,092 shares in the last quarter. Contravisory Investment Management Inc. acquired a new stake in shares of Corning during the first quarter valued at about $5,400,000. Denali Advisors LLC increased its stake in shares of Corning by 19.7% in the first quarter. Denali Advisors LLC now owns 263,100 shares of the electronics maker’s stock valued at $7,104,000 after buying an additional 43,300 shares in the last quarter. West Oak Capital LLC increased its stake in shares of Corning by 33.6% in the first quarter. West Oak Capital LLC now owns 46,860 shares of the electronics maker’s stock valued at $1,265,000 after buying an additional 11,780 shares in the last quarter. Finally, Macquarie Group Ltd. increased its stake in shares of Corning by 14.0% in the fourth quarter. Macquarie Group Ltd. now owns 35,100 shares of the electronics maker’s stock valued at $852,000 after buying an additional 4,300 shares in the last quarter. 72.75% of the stock is owned by institutional investors and hedge funds.
Corning Company Profile
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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