Corning (NYSE:GLW) Stock Jumps 2.3% – Still a Buy?

Corning Incorporated (NYSE:GLW) shares were up 2.3% during mid-day trading on Tuesday. The stock traded as high as $129.85 and last traded at $126.0480. Approximately 7,703,625 shares were traded during trading, a decline of 35% from the average daily volume of 11,865,093 shares. The stock had previously closed at $123.20.

Analyst Ratings Changes

GLW has been the subject of several research reports. Sanford C. Bernstein assumed coverage on shares of Corning in a report on Wednesday, September 30th. They issued a “market perform” rating and a $140.00 price objective for the company. Weiss Ratings lowered Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, August 21st. Citigroup restated a “buy” rating on shares of Corning in a research note on Tuesday, October 27th. Barclays upped their price target on Corning from $129.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 28th. Finally, Mizuho decreased their price objective on Corning from $210.00 to $180.00 and set an “outperform” rating for the company in a report on Tuesday, September 15th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $175.81.

Corning Trading Up 2.3%

The stock has a market cap of $108.58 billion, a PE ratio of 51.03, a price-to-earnings-growth ratio of 1.62 and a beta of 1.13. The firm has a 50-day moving average price of $147.35 and a 200-day moving average price of $155.13. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.24 and a current ratio of 1.72.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $5.08 billion during the quarter, compared to analyst estimates of $5.03 billion. Corning had a return on equity of 20.83% and a net margin of 12.13%. The company’s quarterly revenue was up 18.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.67 EPS. As a group, equities analysts anticipate that Corning Incorporated will post 3.37 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, November 13th. This represents a $1.12 annualized dividend and a yield of 0.9%. Corning’s dividend payout ratio is currently 45.34%.

Insider Activity

In other news, EVP Lewis Steverson sold 13,100 shares of Corning stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the completion of the sale, the executive vice president directly owned 15,052 shares in the company, valued at $2,277,217.08. The trade was a 46.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.25% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GLW. Herbst Group LLC purchased a new position in Corning in the second quarter worth about $4,474,000. Principal Financial Group Inc. raised its stake in shares of Corning by 1.2% in the first quarter. Principal Financial Group Inc. now owns 893,451 shares of the electronics maker’s stock worth $121,483,000 after buying an additional 10,591 shares during the period. Wealthfront Advisers LLC lifted its holdings in Corning by 36.2% during the first quarter. Wealthfront Advisers LLC now owns 92,425 shares of the electronics maker’s stock valued at $12,567,000 after purchasing an additional 24,589 shares in the last quarter. Silverlake Wealth Management LLC bought a new stake in Corning during the second quarter valued at about $1,872,000. Finally, Atlas Wealth LLC boosted its stake in Corning by 137.8% in the 1st quarter. Atlas Wealth LLC now owns 12,076 shares of the electronics maker’s stock worth $1,642,000 after purchasing an additional 6,998 shares during the period. Institutional investors own 69.80% of the company’s stock.

Corning Company Profile

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.