Corning Incorporated (GLW) Receives $35.86 Average PT from Brokerages

Corning Incorporated (NYSE:GLW) has received a consensus recommendation of “Buy” from the ten ratings firms that are covering the firm, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $35.86.

Several analysts have issued reports on the company. Zacks Investment Research lowered Corning from a “hold” rating to a “sell” rating in a research note on Wednesday, January 16th. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, January 29th.

Shares of GLW traded down $0.06 during mid-day trading on Friday, hitting $34.85. The stock had a trading volume of 2,967,964 shares, compared to its average volume of 4,307,339. The firm has a market cap of $27.36 billion, a PE ratio of 19.58, a PEG ratio of 1.99 and a beta of 1.16. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.12 and a quick ratio of 1.51. Corning has a 52 week low of $26.11 and a 52 week high of $36.56.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, January 29th. The electronics maker reported $0.59 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.02. The firm had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.02 billion. Corning had a return on equity of 14.21% and a net margin of 9.44%. The business’s revenue was up 15.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.49 earnings per share. Sell-side analysts anticipate that Corning will post 2 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, February 28th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.30%. This is a positive change from Corning’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Wednesday, February 27th. Corning’s payout ratio is presently 44.94%.

In related news, VP Eric S. Musser sold 33,023 shares of the business’s stock in a transaction on Friday, February 15th. The stock was sold at an average price of $34.29, for a total transaction of $1,132,358.67. Following the sale, the vice president now directly owns 61,944 shares in the company, valued at approximately $2,124,059.76. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Wendell P. Weeks sold 223,379 shares of the business’s stock in a transaction on Thursday, February 14th. The shares were sold at an average price of $33.77, for a total value of $7,543,508.83. Following the sale, the chief executive officer now owns 114,943 shares in the company, valued at $3,881,625.11. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 328,767 shares of company stock worth $11,162,588. 0.46% of the stock is currently owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Corning by 1.5% in the 4th quarter. BlackRock Inc. now owns 53,217,738 shares of the electronics maker’s stock worth $1,607,708,000 after acquiring an additional 805,323 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Corning by 6.4% in the 4th quarter. Bank of New York Mellon Corp now owns 14,028,492 shares of the electronics maker’s stock worth $423,800,000 after acquiring an additional 838,808 shares during the last quarter. Geode Capital Management LLC increased its stake in Corning by 8.8% in the 4th quarter. Geode Capital Management LLC now owns 10,778,887 shares of the electronics maker’s stock worth $325,210,000 after acquiring an additional 874,576 shares during the last quarter. Oregon Public Employees Retirement Fund increased its stake in Corning by 3,727.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,633,848 shares of the electronics maker’s stock worth $319,000 after acquiring an additional 9,382,148 shares during the last quarter. Finally, Northern Trust Corp increased its stake in Corning by 0.8% in the 4th quarter. Northern Trust Corp now owns 9,322,811 shares of the electronics maker’s stock worth $281,643,000 after acquiring an additional 76,977 shares during the last quarter. Institutional investors own 72.08% of the company’s stock.

About Corning

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

Recommended Story: What is the Current Ratio?

Analyst Recommendations for Corning (NYSE:GLW)

Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.