JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Corning (NYSE:GLW) Stock

Corning (NYSE:GLW) had its price objective boosted by JPMorgan Chase & Co. from $55.00 to $60.00 in a report issued on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the electronics maker’s stock.

GLW has been the topic of several other reports. Susquehanna increased their price objective on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective on the stock in a research note on Tuesday, July 9th. Citigroup increased their price objective on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $50.08.

Corning Trading Up 1.6 %

GLW opened at $48.36 on Wednesday. Corning has a 52 week low of $26.71 and a 52 week high of $51.03. The business has a fifty day simple moving average of $44.52 and a 200-day simple moving average of $40.40. The firm has a market cap of $41.38 billion, a P/E ratio of 284.47, a P/E/G ratio of 1.52 and a beta of 1.03. The company has a quick ratio of 0.98, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.

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

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is currently 658.82%.

Institutional Trading of Corning

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Mesirow Financial Investment Management Inc. increased its position in shares of Corning by 2.4% during the third quarter. Mesirow Financial Investment Management Inc. now owns 144,393 shares of the electronics maker’s stock worth $6,519,000 after purchasing an additional 3,375 shares in the last quarter. CWA Asset Management Group LLC purchased a new position in shares of Corning during the third quarter worth about $5,705,000. Hollencrest Capital Management grew its holdings in shares of Corning by 143.5% during the third quarter. Hollencrest Capital Management now owns 1,488 shares of the electronics maker’s stock worth $67,000 after buying an additional 877 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in shares of Corning during the third quarter worth about $88,000. Finally, J.P. Marvel Investment Advisors LLC grew its holdings in shares of Corning by 1.2% during the third quarter. J.P. Marvel Investment Advisors LLC now owns 255,711 shares of the electronics maker’s stock worth $11,545,000 after buying an additional 2,970 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

About Corning

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.