Analysts Set Corning Incorporated (NYSE:GLW) Price Target at $45.62

Shares of Corning Incorporated (NYSE:GLW) have earned an average rating of “Moderate Buy” from the fourteen ratings firms that are currently covering the firm, Marketbeat reports. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $45.62.

Several equities analysts recently weighed in on GLW shares. Susquehanna boosted their price objective on Corning from $40.00 to $46.00 and gave the stock a “positive” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. increased their price objective on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $39.00 price target on shares of Corning in a research report on Friday, July 26th.

Hedge Funds Weigh In On Corning

Several institutional investors have recently added to or reduced their stakes in the company. Cape Investment Advisory Inc. raised its position in Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 800 shares during the last quarter. Access Investment Management LLC acquired a new stake in shares of Corning in the first quarter valued at $28,000. EverSource Wealth Advisors LLC raised its holdings in shares of Corning by 347.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after buying an additional 823 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new position in Corning during the 1st quarter worth about $33,000. Finally, Register Financial Advisors LLC bought a new stake in Corning during the 1st quarter worth about $33,000. 69.80% of the stock is owned by institutional investors.

Corning Trading Up 1.5 %

NYSE:GLW opened at $42.50 on Monday. The company’s 50 day moving average is $41.84 and its 200-day moving average is $37.12. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. Corning has a 12 month low of $25.26 and a 12 month high of $46.39. The firm has a market cap of $36.37 billion, a price-to-earnings ratio of 59.86, a P/E/G ratio of 1.62 and a beta of 1.04.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping the consensus estimate of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter last year, the firm posted $0.45 EPS. The business’s quarterly revenue was up 3.5% on a year-over-year basis. Equities analysts anticipate that Corning will post 1.91 EPS for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 annualized dividend and a yield of 2.64%. Corning’s dividend payout ratio is currently 157.75%.

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.