Corning (NYSE:GLW) Earns “Outperform” Rating from Oppenheimer

Oppenheimer reissued their outperform rating on shares of Corning (NYSE:GLW) in a research note released on Wednesday, Benzinga reports. They currently have a $58.00 target price on the electronics maker’s stock, up from their previous target price of $51.00.

Other equities analysts have also recently issued research reports about the company. JPMorgan Chase & Co. boosted their target price on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Bank of America boosted their price target on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Susquehanna boosted their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Finally, Barclays boosted their price target on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Stock Performance

Shares of GLW stock opened at $48.36 on Wednesday. The stock has a market capitalization of $41.38 billion, a PE ratio of 284.47, a price-to-earnings-growth ratio of 1.52 and a beta of 1.03. Corning has a 52-week low of $26.71 and a 52-week high of $51.03. The stock’s 50-day moving average price is $44.52 and its 200 day moving average price is $40.40. The company has a quick ratio of 0.98, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.

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

Corning Dividend Announcement

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

Institutional Investors Weigh In On Corning

A number of institutional investors and hedge funds have recently bought and sold shares of GLW. Price T Rowe Associates Inc. MD lifted its stake in shares of Corning by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after purchasing an additional 4,464,893 shares during the period. Natixis lifted its stake in shares of Corning by 2,405.2% during the 1st 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. Pathway Financial Advisers LLC lifted its stake in shares of Corning by 4,306.9% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock worth $47,428,000 after purchasing an additional 1,026,626 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Corning by 10,626.4% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock worth $33,388,000 after purchasing an additional 1,003,556 shares during the period. Finally, Shellback Capital LP purchased a new position in shares of Corning during the 2nd quarter worth $34,483,000. Hedge funds and other institutional investors 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.