Corning’s (GLW) Hold Rating Reaffirmed at Jefferies Group LLC
Jefferies Group LLC restated their hold rating on shares of Corning Incorporated (NYSE:GLW) in a research note issued to investors on Friday. The firm currently has a $29.50 price target on the electronics maker’s stock.
A number of other analysts also recently commented on the stock. Guggenheim restated a buy rating and set a $35.00 price target on shares of Corning in a research report on Thursday, September 21st. BidaskClub upgraded shares of Corning from a hold rating to a buy rating in a research report on Saturday, August 26th. Susquehanna Bancshares Inc restated a positive rating and set a $35.00 price target on shares of Corning in a research report on Thursday, August 24th. Goldman Sachs Group, Inc. (The) downgraded shares of Corning from a neutral rating to a sell rating and dropped their price target for the stock from $29.00 to $26.00 in a research report on Tuesday, August 15th. Finally, Vetr upgraded shares of Corning from a buy rating to a strong-buy rating and set a $33.69 price target on the stock in a research report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Hold and an average target price of $28.90.
Shares of Corning (NYSE:GLW) traded down 1.18% on Friday, reaching $30.09. 4,632,920 shares of the company’s stock traded hands. The company has a 50 day moving average price of $29.29 and a 200 day moving average price of $29.09. The firm has a market capitalization of $27.18 billion, a price-to-earnings ratio of 13.44 and a beta of 1.38. Corning has a 52 week low of $22.23 and a 52 week high of $32.17.
Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The company had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same period in the previous year, the firm earned $0.37 EPS. Corning’s revenue was up 6.1% on a year-over-year basis. On average, equities research analysts predict that Corning will post $1.69 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 16th will be given a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 2.06%. The ex-dividend date is Wednesday, November 15th. Corning’s dividend payout ratio (DPR) is currently 27.93%.
In other news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of Corning stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $28.61, for a total value of $1,376,856.25. Following the transaction, the insider now directly owns 136,079 shares of the company’s stock, valued at $3,893,220.19. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Christine M. Pambianchi sold 33,000 shares of Corning stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $28.56, for a total transaction of $942,480.00. Following the completion of the transaction, the vice president now directly owns 73,145 shares in the company, valued at $2,089,021.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 127,888 shares of company stock worth $3,653,485. 0.59% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Eqis Capital Management Inc. increased its position in shares of Corning by 10.0% in the third quarter. Eqis Capital Management Inc. now owns 40,464 shares of the electronics maker’s stock worth $1,211,000 after acquiring an additional 3,693 shares in the last quarter. Park National Corp OH increased its position in shares of Corning by 6.6% in the third quarter. Park National Corp OH now owns 868,186 shares of the electronics maker’s stock worth $25,976,000 after acquiring an additional 54,118 shares in the last quarter. MPS Loria Financial Planners LLC purchased a new position in shares of Corning in the second quarter worth approximately $112,000. Intl Fcstone Inc. increased its position in shares of Corning by 49.8% in the second quarter. Intl Fcstone Inc. now owns 17,435 shares of the electronics maker’s stock worth $524,000 after acquiring an additional 5,793 shares in the last quarter. Finally, Lord Abbett & CO. LLC increased its position in shares of Corning by 236.4% in the second quarter. Lord Abbett & CO. LLC now owns 1,379,532 shares of the electronics maker’s stock worth $41,455,000 after acquiring an additional 969,488 shares in the last quarter. 71.30% of the stock is currently owned by institutional investors and hedge funds.
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).
Receive News & Ratings for Corning Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning Incorporated and related companies with Analyst Ratings Network's FREE daily email newsletter.