Corning (NYSE:GLW) Stock Price Up 2.5% Following Analyst Upgrade

Corning Incorporated (NYSE:GLWGet Free Report)’s share price rose 2.5% during mid-day trading on Tuesday after Hsbc Global Res upgraded the stock from a moderate sell rating to a hold rating. The stock traded as high as $44.26 and last traded at $44.13. Approximately 864,304 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 5,597,502 shares. The stock had previously closed at $43.05.

Several other equities research analysts also recently issued reports on the company. UBS Group increased their price target on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday. Argus increased their price target on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft increased their price target on Corning from $39.00 to $46.00 and gave the stock a “hold” rating in a report on Tuesday. Bank of America increased their price target on Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Finally, HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a report on Tuesday. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $42.92.

Get Our Latest Analysis on Corning

Insider Activity at Corning

In related news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the transaction, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the transaction, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the sale, the vice president now directly owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 175,207 shares of company stock valued at $5,876,067. Insiders own 0.45% of the company’s stock.

Institutional Trading of Corning

A number of hedge funds have recently made changes to their positions in GLW. Norges Bank acquired a new stake in shares of Corning in the fourth quarter valued at approximately $247,721,000. Price T Rowe Associates Inc. MD lifted its position in shares of Corning by 35.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after buying an additional 4,464,893 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Corning by 9.0% in the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after buying an additional 2,597,878 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Corning by 41.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after buying an additional 1,828,097 shares during the last quarter. Finally, Natixis increased its stake in shares of Corning by 2,405.2% during the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after purchasing an additional 1,735,638 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Performance

The company has a market cap of $38.96 billion, a P/E ratio of 64.06, a price-to-earnings-growth ratio of 1.85 and a beta of 1.05. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The stock has a 50 day moving average price of $37.36 and a two-hundred day moving average price of $33.73.

Corning (NYSE:GLWGet Free Report) last announced its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The company had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.41 earnings per share. On average, research analysts predict that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a dividend of $0.28 per share. The ex-dividend date is Thursday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.46%. Corning’s dividend payout ratio (DPR) is currently 157.75%.

About Corning

(Get Free Report)

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.

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