Morgan Stanley Raises Corning (NYSE:GLW) Price Target to $35.00

Corning (NYSE:GLW) had its target price raised by Morgan Stanley from $34.00 to $35.00 in a research report report published on Thursday, July 26th. Morgan Stanley currently has an overweight rating on the electronics maker’s stock.

Several other research analysts have also issued reports on GLW. Zacks Investment Research raised Corning from a hold rating to a buy rating and set a $31.00 target price for the company in a research report on Tuesday, June 26th. Goldman Sachs Group raised Corning from a sell rating to a neutral rating and set a $29.00 price objective for the company in a research report on Wednesday, June 20th. ValuEngine downgraded Corning from a buy rating to a hold rating in a research note on Tuesday, April 24th. Guggenheim restated a buy rating on shares of Corning in a research note on Wednesday, July 25th. Finally, JPMorgan Chase & Co. assumed coverage on Corning in a research note on Thursday, May 3rd. They issued a neutral rating and a $33.00 target price for the company. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Corning has a consensus rating of Buy and a consensus target price of $33.68.

Shares of Corning opened at $32.74 on Thursday, according to Marketbeat.com. Corning has a 52 week low of $26.11 and a 52 week high of $35.10. The firm has a market capitalization of $26.80 billion, a PE ratio of 20.55, a PEG ratio of 2.33 and a beta of 1.40. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.23 and a quick ratio of 1.58.

Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, July 25th. The electronics maker reported $0.38 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.01. The company had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Corning had a positive return on equity of 12.03% and a negative net margin of 8.32%. Corning’s revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.42 EPS. analysts expect that Corning will post 1.73 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, August 31st will be issued a $0.18 dividend. The ex-dividend date is Thursday, August 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.20%. Corning’s dividend payout ratio (DPR) is presently 41.86%.

In other Corning news, CEO Wendell P. Weeks sold 224,884 shares of the business’s stock in a transaction on Friday, June 8th. The shares were sold at an average price of $28.71, for a total transaction of $6,456,419.64. Following the sale, the chief executive officer now owns 111,835 shares of the company’s stock, valued at approximately $3,210,782.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Wendell P. Weeks sold 237,470 shares of the business’s stock in a transaction on Thursday, August 2nd. The shares were sold at an average price of $32.87, for a total transaction of $7,805,638.90. The disclosure for this sale can be found here. Insiders sold a total of 612,264 shares of company stock worth $19,079,432 in the last ninety days. 0.46% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. IFP Advisors Inc grew its position in shares of Corning by 6.4% during the 2nd quarter. IFP Advisors Inc now owns 25,922 shares of the electronics maker’s stock valued at $713,000 after purchasing an additional 1,551 shares in the last quarter. Whittier Trust Co. grew its position in Corning by 21.7% in the second quarter. Whittier Trust Co. now owns 8,829 shares of the electronics maker’s stock worth $243,000 after acquiring an additional 1,575 shares in the last quarter. Bessemer Group Inc. grew its position in Corning by 8.8% in the second quarter. Bessemer Group Inc. now owns 21,257 shares of the electronics maker’s stock worth $585,000 after acquiring an additional 1,714 shares in the last quarter. OLD Dominion Capital Management Inc. grew its position in Corning by 8.1% in the second quarter. OLD Dominion Capital Management Inc. now owns 23,228 shares of the electronics maker’s stock worth $639,000 after acquiring an additional 1,733 shares in the last quarter. Finally, ST Germain D J Co. Inc. grew its position in Corning by 1.3% in the second quarter. ST Germain D J Co. Inc. now owns 135,328 shares of the electronics maker’s stock worth $3,723,000 after acquiring an additional 1,745 shares in the last quarter. Hedge funds and other institutional investors own 71.75% of the company’s stock.

Corning Company Profile

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

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