Corning’s (GLW) “Outperform” Rating Reiterated at Oppenheimer

Oppenheimer restated their outperform rating on shares of Corning (NYSE:GLW) in a research report released on Wednesday morning, Benzinga reports. The firm currently has a $58.00 target price on the electronics maker’s stock, up from their previous target price of $51.00.

Several other research firms have also recently issued reports on GLW. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft raised their price objective on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a report on Tuesday, July 9th. Finally, JPMorgan Chase & Co. boosted their price target 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. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Price Performance

NYSE:GLW opened at $48.36 on Wednesday. The firm has a market cap of $41.38 billion, a price-to-earnings ratio of 284.47, a PEG ratio of 1.52 and a beta of 1.03. The firm’s fifty day moving average is $44.52 and its two-hundred day moving average is $40.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.98 and a current ratio of 1.66. Corning has a one year low of $26.71 and a one year high of $51.03.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the firm earned $0.45 EPS. The business’s quarterly revenue was up 6.9% on a year-over-year basis. Research analysts expect that Corning will post 1.95 EPS for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.32%. Corning’s payout ratio is 658.82%.

Hedge Funds Weigh In On Corning

Several large investors have recently modified their holdings of GLW. MBB Public Markets I LLC lifted its position in Corning by 806.7% in the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after buying an additional 57,800 shares during the last quarter. Central Pacific Bank Trust Division purchased a new position in shares of Corning during the 1st quarter worth approximately $653,000. Dark Forest Capital Management LP acquired a new stake in Corning in the 2nd quarter valued at approximately $511,000. Financial Counselors Inc. raised its position in Corning by 40.9% in the first quarter. Financial Counselors Inc. now owns 312,977 shares of the electronics maker’s stock valued at $10,316,000 after purchasing an additional 90,836 shares during the period. Finally, Raymond James & Associates lifted its stake in Corning by 2.6% during the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock worth $64,667,000 after purchasing an additional 42,818 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Company Profile

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.