Corning (NYSE:GLW) Cut to Sell at StockNews.com

StockNews.com cut shares of Corning (NYSE:GLW) from a hold rating to a sell rating in a report issued on Sunday.

GLW has been the topic of a number of other reports. Barclays increased their target price on Corning from $28.00 to $35.00 and gave the stock an equal weight rating in a research note on Wednesday, January 31st. UBS Group increased their price objective on shares of Corning from $29.00 to $32.00 and gave the company a neutral rating in a research report on Thursday, January 11th. Finally, HSBC cut shares of Corning from a hold rating to a reduce rating and set a $29.00 target price for the company. in a report on Thursday, February 1st. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Corning currently has an average rating of Hold and a consensus price target of $32.88.

Corning Price Performance

Shares of GLW opened at $33.02 on Friday. Corning has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The firm’s 50-day simple moving average is $32.05 and its two-hundred day simple moving average is $30.25. The stock has a market cap of $28.24 billion, a PE ratio of 49.28, a price-to-earnings-growth ratio of 1.85 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting analysts’ consensus estimates of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The firm had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same period in the previous year, the firm posted $0.47 EPS. The business’s revenue for the quarter was down 12.1% compared to the same quarter last year. Analysts anticipate that Corning will post 1.86 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.39%. Corning’s dividend payout ratio is presently 167.16%.

Insider Activity

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Corning

Hedge funds and other institutional investors have recently made changes to their positions in the business. Peoples Bank KS purchased a new stake in shares of Corning in the 3rd quarter worth $25,000. OFI Invest Asset Management bought a new stake in Corning during the third quarter valued at about $25,000. Janiczek Wealth Management LLC increased its position in Corning by 173.6% in the third quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 571 shares in the last quarter. Cape Investment Advisory Inc. raised its stake in shares of Corning by 800.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 800 shares during the period. Finally, Pacifica Partners Inc. purchased a new position in shares of Corning during the 3rd quarter valued at about $28,000. 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.