Corning (NYSE:GLW) Rating Lowered to Hold at StockNews.com

StockNews.com cut shares of Corning (NYSE:GLW) from a buy rating to a hold rating in a research note issued to investors on Monday.

A number of other equities research analysts have also recently commented on GLW. Oppenheimer reissued an “outperform” rating and set a $58.00 price target (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Susquehanna lifted their target price on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. Bank of America upped 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. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, UBS Group upped their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $50.77.

Corning Stock Down 2.6 %

NYSE GLW opened at $46.51 on Monday. Corning has a 52 week low of $29.71 and a 52 week high of $51.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $39.82 billion, a P/E ratio of 273.59, a price-to-earnings-growth ratio of 1.54 and a beta of 1.03. The stock’s 50-day moving average price is $47.71 and its 200-day moving average price is $43.64.

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

Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 15th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date was Friday, November 15th. Corning’s dividend payout ratio (DPR) is 658.82%.

Insider Activity at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Corning

Hedge funds and other institutional investors have recently made changes to their positions in the company. Brookstone Capital Management bought a new position in Corning in the second quarter worth approximately $178,000. Raymond James & Associates lifted its stake in shares of Corning by 2.6% during the 2nd 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 during the last quarter. Nisa Investment Advisors LLC boosted its position in Corning by 1.7% during the second quarter. Nisa Investment Advisors LLC now owns 264,491 shares of the electronics maker’s stock valued at $10,275,000 after purchasing an additional 4,475 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in Corning by 13.2% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 281,196 shares of the electronics maker’s stock valued at $10,924,000 after purchasing an additional 32,825 shares during the last quarter. Finally, Parsons Capital Management Inc. RI bought a new position in Corning in the second quarter worth about $254,000. 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.