TheStreet cut shares of Corning (NYSE:GLW) from a b- rating to a c+ rating in a research note issued to investors on Monday, TheStreetRatingsTable reports.

Several other equities analysts also recently weighed in on GLW. Deutsche Bank set a $36.00 target price on Corning and gave the company a buy rating in a research report on Wednesday, July 31st. Susquehanna Bancshares reiterated a neutral rating and set a $30.00 target price (down from $40.00) on shares of Corning in a research report on Thursday, August 1st. Zacks Investment Research upgraded Corning from a sell rating to a hold rating and set a $30.00 target price on the stock in a research report on Tuesday, August 6th. Barclays began coverage on Corning in a research report on Wednesday, August 7th. They set an overweight rating and a $35.00 target price on the stock. Finally, Bank of America raised Corning from a neutral rating to a buy rating and set a $32.31 price target on the stock in a report on Wednesday, May 1st. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $34.73.

NYSE GLW opened at $27.72 on Monday. The company has a market capitalization of $21.14 billion, a PE ratio of 15.57, a price-to-earnings-growth ratio of 1.37 and a beta of 1.16. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 1.85. The business’s fifty day moving average is $30.19 and its 200 day moving average is $32.22. Corning has a fifty-two week low of $26.78 and a fifty-two week high of $36.56.

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

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, August 30th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.80 dividend on an annualized basis and a yield of 2.89%. Corning’s dividend payout ratio is presently 44.94%.

In other news, VP Christine M. Pambianchi sold 194,960 shares of Corning stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $31.84, for a total value of $6,207,526.40. Following the sale, the vice president now directly owns 66,369 shares of the company’s stock, valued at $2,113,188.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Clark S. Kinlin sold 9,667 shares of Corning stock in a transaction dated Wednesday, August 21st. The stock was 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 directly owns 70,648 shares in the company, valued at $1,973,905.12. The disclosure for this sale can be found here. 0.46% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the company. Manchester Financial Inc. bought a new stake in Corning during the second quarter worth approximately $29,000. Trustcore Financial Services LLC bought a new stake in Corning during the first quarter worth approximately $30,000. TRUE Private Wealth Advisors bought a new stake in Corning during the second quarter worth approximately $31,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Corning during the second quarter worth approximately $33,000. Finally, Thor Advisors LLC bought a new stake in Corning during the first quarter worth approximately $35,000. 71.05% of the stock is currently owned by hedge funds and other institutional investors.

Corning Company Profile

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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Analyst Recommendations for Corning (NYSE:GLW)

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