Susquehanna Bancshares Reiterates “Neutral” Rating for Corning (NYSE:GLW)

Susquehanna Bancshares reiterated their neutral rating on shares of Corning (NYSE:GLW) in a report published on Thursday morning, BenzingaRatingsTable reports. Susquehanna Bancshares currently has a $30.00 price target on the electronics maker’s stock, down from their previous price target of $40.00.

GLW has been the topic of several other research reports. Bank of America upgraded shares of Corning from a neutral rating to a buy rating and set a $32.31 price objective on the stock in a research note on Wednesday, May 1st. ValuEngine downgraded shares of Corning from a buy rating to a hold rating in a research note on Thursday, July 11th. Finally, Zacks Investment Research upgraded shares of Corning from a sell rating to a hold rating in a research note on Thursday, May 2nd. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $35.03.

Shares of Corning stock traded down $0.66 during midday trading on Thursday, hitting $28.63. The company had a trading volume of 80,611 shares, compared to its average volume of 5,510,168. The company’s 50 day moving average price is $32.84. The company has a market cap of $22.87 billion, a PE ratio of 16.08, a PEG ratio of 1.48 and a beta of 1.16. The company has a current ratio of 1.85, a quick ratio of 1.36 and a debt-to-equity ratio of 0.54. Corning has a 1-year low of $27.67 and a 1-year high of $36.56.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.01. The business had revenue of $2.94 billion for the quarter, compared to the consensus estimate of $2.97 billion. Corning had a net margin of 12.78% and a return on equity of 15.60%. Corning’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter last year, the company posted $0.38 earnings per share. Equities analysts predict that Corning will post 1.89 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, August 30th will be given a $0.20 dividend. The ex-dividend date is Thursday, August 29th. This represents a $0.80 annualized dividend and a yield of 2.79%. Corning’s dividend payout ratio (DPR) is currently 44.94%.

In related news, VP Christine M. Pambianchi sold 194,960 shares of the firm’s stock in a transaction 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 transaction, the vice president now directly owns 66,369 shares of the company’s stock, valued at $2,113,188.96. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.46% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the stock. Manchester Financial Inc. bought a new position in Corning in the second quarter worth $29,000. Trustcore Financial Services LLC bought a new position in shares of Corning during the first quarter valued at $30,000. TRUE Private Wealth Advisors bought a new position in shares of Corning during the second quarter valued at $31,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Corning during the second quarter valued at $33,000. Finally, Thor Advisors LLC bought a new position in shares of Corning during the first quarter valued at $35,000. 70.55% of the stock is owned by hedge funds and other institutional investors.

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.

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Analyst Recommendations for Corning (NYSE:GLW)

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