Corning (NYSE:GLW) Price Target Raised to $51.00 at UBS Group

Corning (NYSE:GLW) had its price target upped by UBS Group from $46.00 to $51.00 in a research note published on Wednesday, Benzinga reports. They currently have a neutral rating on the electronics maker’s stock.

Several other research analysts also recently commented on the stock. Oppenheimer lifted their price target on shares of Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, September 20th. Bank of America upped their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. Finally, Argus upped their target price on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $50.08.

Corning Trading Down 2.0 %

Shares of GLW opened at $48.04 on Wednesday. The business’s 50-day moving average price is $44.27 and its 200-day moving average price is $40.16. 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 twelve month low of $26.41 and a twelve month high of $51.03. The stock has a market cap of $41.15 billion, a PE ratio of 67.66, a P/E/G ratio of 1.73 and a beta of 1.04.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter last year, the company posted $0.45 EPS. On average, equities analysts forecast that Corning will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio is 157.75%.

Institutional Trading of Corning

Hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD boosted its holdings in Corning by 35.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after acquiring an additional 4,464,893 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Corning by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock worth $401,826,000 after buying an additional 426,864 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Corning by 2.1% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker’s stock valued at $69,109,000 after buying an additional 42,832 shares during the last quarter. Natixis increased its position in shares of Corning by 2,405.2% during the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after acquiring an additional 1,735,638 shares in the last quarter. Finally, Raymond James & Associates raised its holdings in Corning by 2.6% in the 2nd quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock worth $64,667,000 after acquiring an additional 42,818 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

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.