Corning (NYSE:GLW) Price Target Raised to $51.00

Corning (NYSE:GLW) had its price objective raised by Oppenheimer from $47.00 to $51.00 in a report published on Friday morning, Benzinga reports. Oppenheimer currently has an outperform rating on the electronics maker’s stock.

Other equities research analysts have also issued reports about the stock. Argus lifted their price target on shares of Corning from $40.00 to $50.00 and gave the stock a buy rating in a research note on Tuesday, July 9th. Susquehanna lifted their price objective on shares of Corning from $46.00 to $55.00 and gave the company a positive rating in a research note on Friday. Barclays lifted their price objective on shares of Corning from $36.00 to $40.00 and gave the company an equal weight rating in a research note on Wednesday, July 31st. HSBC upgraded shares of Corning from a reduce rating to a hold rating and set a $37.00 price objective on the stock in a research note on Tuesday, July 9th. Finally, Citigroup lifted their price objective on shares of Corning from $45.00 to $51.00 and gave the company a buy rating in a research note on Friday, July 12th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $47.00.

Corning Stock Performance

NYSE:GLW opened at $44.66 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The stock has a market capitalization of $38.25 billion, a P/E ratio of 62.89, a PEG ratio of 1.66 and a beta of 1.04. The company has a 50 day moving average price of $41.71 and a 200 day moving average price of $37.66. Corning has a fifty-two week low of $25.26 and a fifty-two week high of $46.39.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating 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 company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter last year, the company posted $0.45 EPS. The firm’s revenue was up 3.5% compared to the same quarter last year. Equities research analysts forecast that Corning will post 1.91 EPS for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio is currently 157.75%.

Institutional Trading of Corning

A number of institutional investors have recently added to or reduced their stakes in the stock. Grove Bank & Trust boosted its holdings in Corning by 21.5% during the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after buying an additional 250 shares in the last quarter. Burns J W & Co. Inc. NY lifted its holdings in shares of Corning by 1.9% in the second quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock valued at $524,000 after purchasing an additional 251 shares in the last quarter. Long Run Wealth Advisors LLC lifted its holdings in shares of Corning by 0.8% in the second quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock valued at $1,306,000 after purchasing an additional 274 shares in the last quarter. Mark Sheptoff Financial Planning LLC lifted its holdings in shares of Corning by 21.2% in the second quarter. Mark Sheptoff Financial Planning LLC now owns 1,575 shares of the electronics maker’s stock valued at $61,000 after purchasing an additional 275 shares in the last quarter. Finally, Legacy Capital Group California Inc. lifted its holdings in shares of Corning by 1.0% in the second quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock valued at $1,121,000 after purchasing an additional 278 shares in the last quarter. Hedge funds and other institutional investors 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.