Corning (NYSE:GLW) PT Raised to $51.00

Corning (NYSE:GLW) had its target price upped by Bank of America from $46.00 to $51.00 in a report released on Friday, Benzinga reports. The firm currently has a buy rating on the electronics maker’s stock.

GLW has been the subject of a number of other research reports. JPMorgan Chase & Co. boosted their target price on shares of Corning from $47.00 to $55.00 and gave the stock an overweight rating in a research report on Monday, July 29th. Hsbc Global Res raised shares of Corning from a moderate sell rating to a hold rating in a research report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft raised shares of Corning from a hold rating to a buy rating and set a $46.00 price objective for the company in a research report on Wednesday, July 31st. Argus upped their price objective on shares of Corning from $40.00 to $50.00 and gave the company a buy rating in a research report on Tuesday, July 9th. Finally, UBS Group upped their target price on shares of Corning from $38.00 to $44.00 and gave the company a neutral rating in a research note on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Corning currently has an average rating of Moderate Buy and an average price target of $47.00.

Corning Price Performance

NYSE GLW opened at $44.50 on Friday. Corning has a 12 month low of $25.26 and a 12 month high of $46.39. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The firm has a market capitalization of $38.12 billion, a PE ratio of 62.68, a P/E/G ratio of 1.66 and a beta of 1.04. The company’s 50 day simple moving average is $41.73 and its 200 day simple moving average is $37.58.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same quarter in the previous year, the business posted $0.45 earnings per share. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. As a group, equities research analysts forecast that Corning will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.52%. Corning’s payout ratio is presently 157.75%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Bridgefront Capital LLC bought a new position in Corning during the fourth quarter worth about $813,000. Wahed Invest LLC lifted its holdings in shares of Corning by 8.6% in the fourth quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock worth $395,000 after buying an additional 1,028 shares in the last quarter. Belpointe Asset Management LLC raised its stake in Corning by 26.4% in the fourth quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock valued at $253,000 after purchasing an additional 1,740 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its stake in Corning by 75.5% in the first quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock valued at $1,871,000 after purchasing an additional 24,421 shares in the last quarter. Finally, Elo Mutual Pension Insurance Co grew its position in Corning by 4.7% during the fourth quarter. Elo Mutual Pension Insurance Co now owns 70,747 shares of the electronics maker’s stock valued at $2,154,000 after acquiring an additional 3,152 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

About Corning

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.