Oppenheimer Raises Corning (NYSE:GLW) Price Target to $51.00

Corning (NYSE:GLW) had its price objective increased by Oppenheimer from $47.00 to $51.00 in a report published on Friday, Benzinga reports. The firm currently has an outperform rating on the electronics maker’s stock.

A number of other research analysts have also weighed in on the company. Morgan Stanley restated an equal weight rating and set a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. Fox Advisors upgraded Corning from an equal weight rating to an overweight rating and set a $45.00 price objective for the company in a research report on Monday, June 17th. Mizuho upgraded Corning from a neutral rating to an outperform rating and raised their price objective for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Susquehanna increased their price target on shares of Corning from $46.00 to $55.00 and gave the company a positive rating in a report on Friday. Finally, JPMorgan Chase & Co. increased their price target on shares of Corning from $47.00 to $55.00 and gave the company an overweight rating in a report on Monday, July 29th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $47.00.

Corning Trading Up 0.2 %

Shares of GLW stock opened at $44.50 on Friday. Corning has a 52-week low of $25.26 and a 52-week high of $46.39. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The firm has a market capitalization of $38.12 billion, a PE ratio of 62.68, a PEG ratio of 1.66 and a beta of 1.04. The stock has a fifty day simple moving average of $41.73 and a two-hundred day simple moving average of $37.58.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. Corning’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.45 EPS. On average, analysts predict that Corning will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.52%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio is presently 157.75%.

Institutional Trading of Corning

Institutional investors and hedge funds have recently modified their holdings of the stock. Bridgefront Capital LLC bought a new stake in shares of Corning during the fourth quarter valued at approximately $813,000. Wahed Invest LLC raised its stake in shares of Corning by 8.6% during the fourth quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock valued at $395,000 after acquiring an additional 1,028 shares in the last quarter. Belpointe Asset Management LLC raised its stake in shares of Corning by 26.4% during the fourth quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock valued at $253,000 after acquiring an additional 1,740 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its stake in shares of Corning by 75.5% during the first quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock valued at $1,871,000 after acquiring an additional 24,421 shares in the last quarter. Finally, Elo Mutual Pension Insurance Co raised its stake in shares of Corning by 4.7% during the fourth quarter. Elo Mutual Pension Insurance Co now owns 70,747 shares of the electronics maker’s stock valued at $2,154,000 after acquiring an additional 3,152 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Company Profile

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.