Corning (NYSE:GLW) Reaches New 12-Month High – Here’s Why

Corning Incorporated (NYSE:GLW)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $47.45 and last traded at $47.35, with a volume of 3112877 shares changing hands. The stock had previously closed at $47.03.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on GLW. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Corning from $46.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Oppenheimer upped their target price on shares of Corning from $47.00 to $51.00 and gave the company an “outperform” rating in a report on Friday, September 20th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. JPMorgan Chase & Co. raised their price objective on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Finally, Susquehanna lifted their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus price target of $47.23.

Corning Trading Up 0.3 %

The company has a market capitalization of $40.24 billion, a price-to-earnings ratio of 93.78, a P/E/G ratio of 1.77 and a beta of 1.04. 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 business’s 50-day moving average price is $43.61 and its two-hundred day moving average price is $39.63.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same period in the prior year, the company posted $0.45 EPS. The company’s revenue was up 3.5% compared to the same quarter last year. Research analysts predict that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is 224.00%.

Institutional Investors Weigh In On Corning

Hedge funds have recently modified their holdings of the company. Kavar Capital Partners Group LLC acquired a new position in shares of Corning in the 3rd quarter worth approximately $491,000. Modera Wealth Management LLC raised its stake in Corning by 46.3% during the third quarter. Modera Wealth Management LLC now owns 20,271 shares of the electronics maker’s stock worth $915,000 after buying an additional 6,418 shares during the last quarter. GHP Investment Advisors Inc. lifted its holdings in Corning by 0.5% in the third quarter. GHP Investment Advisors Inc. now owns 246,035 shares of the electronics maker’s stock valued at $11,109,000 after buying an additional 1,271 shares during the period. Benedict Financial Advisors Inc. boosted its position in Corning by 0.7% during the third quarter. Benedict Financial Advisors Inc. now owns 104,398 shares of the electronics maker’s stock valued at $4,714,000 after acquiring an additional 733 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in Corning by 7.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 1,262,613 shares of the electronics maker’s stock worth $57,007,000 after acquiring an additional 91,816 shares during the period. 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.