Deutsche Bank Reiterates “$36.00” Price Target for Corning (NYSE:GLW)

Deutsche Bank set a $36.00 price target on Corning (NYSE:GLW) in a report issued on Wednesday, TipRanks reports. The brokerage currently has a buy rating on the electronics maker’s stock.

A number of other brokerages have also commented on GLW. Bank of America raised Corning from a neutral rating to a buy rating and set a $32.31 price target for the company in a research note on Wednesday, May 1st. Susquehanna Bancshares reissued a neutral rating and set a $30.00 price target (down from $40.00) on shares of Corning in a research note on Thursday. ValuEngine lowered Corning from a buy rating to a hold rating in a research note on Thursday, July 11th. Zacks Investment Research raised Corning from a sell rating to a hold rating in a research note on Thursday, May 2nd. Finally, S&P Equity Research lowered Corning from a positive rating to a neutral rating and dropped their price target for the company from $40.00 to $30.00 in a research note on Thursday. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $35.03.

Shares of Corning stock opened at $29.29 on Wednesday. The company’s 50 day moving average price is $32.84. Corning has a 12 month low of $27.67 and a 12 month high of $36.56. The company has a market capitalization of $22.99 billion, a price-to-earnings ratio of 16.46, a PEG ratio of 1.53 and a beta of 1.16. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.36 and a current ratio of 1.85.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.01. Corning had a return on equity of 15.60% and a net margin of 12.78%. The company had revenue of $2.94 billion during the quarter, compared to analyst estimates of $2.97 billion. During the same period in the prior year, the company earned $0.38 earnings per share. The firm’s revenue was up 7.0% on a year-over-year basis. On average, sell-side analysts predict that Corning will post 1.89 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, August 30th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.73%. The ex-dividend date is Thursday, August 29th. Corning’s payout ratio is 44.94%.

In other news, VP Christine M. Pambianchi sold 194,960 shares of the firm’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $31.84, for a total value of $6,207,526.40. Following the completion of the sale, the vice president now directly owns 66,369 shares of the company’s stock, valued at approximately $2,113,188.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.46% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of GLW. Manchester Financial Inc. purchased a new stake in shares of Corning in the second quarter worth approximately $29,000. Trustcore Financial Services LLC purchased a new stake in shares of Corning in the first quarter worth approximately $30,000. TRUE Private Wealth Advisors purchased a new stake in shares of Corning in the second quarter worth approximately $31,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Corning in the second quarter worth approximately $33,000. Finally, Thor Advisors LLC purchased a new stake in shares of Corning in the first quarter worth approximately $35,000. Hedge funds and other institutional investors own 70.67% of the company’s stock.

Corning Company Profile

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.

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Analyst Recommendations for Corning (NYSE:GLW)

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