Corning (NYSE:GLW) Price Target Raised to $42.00

Corning (NYSE:GLWFree Report) had its price target upped by Mizuho from $36.00 to $42.00 in a research note released on Tuesday morning, Benzinga reports. The brokerage currently has a neutral rating on the electronics maker’s stock.

A number of other brokerages also recently weighed in on GLW. Morgan Stanley downgraded Corning from an overweight rating to an equal weight rating and upped their target price for the company from $35.00 to $38.00 in a report on Thursday, June 13th. UBS Group lifted their price target on shares of Corning from $35.00 to $38.00 and gave the stock a neutral rating in a research note on Thursday, May 30th. Bank of America increased their target price on shares of Corning from $38.00 to $42.00 and gave the stock a buy rating in a research report on Friday, June 14th. JPMorgan Chase & Co. raised shares of Corning from a neutral rating to an overweight rating and increased their price target for the company from $37.00 to $43.00 in a research note on Thursday, May 30th. Finally, StockNews.com raised Corning from a sell rating to a hold rating in a research note on Monday, April 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Corning has an average rating of Hold and a consensus target price of $37.92.

View Our Latest Report on GLW

Corning Stock Down 0.8 %

GLW opened at $39.88 on Tuesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The stock’s fifty day moving average is $35.00 and its 200-day moving average is $32.68. Corning has a one year low of $25.26 and a one year high of $40.45. The company has a market capitalization of $34.16 billion, a PE ratio of 56.17, a P/E/G ratio of 1.83 and a beta of 1.08.

Corning (NYSE:GLWGet Free Report) last announced its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the prior year, the business posted $0.41 earnings per share. Corning’s revenue was down 11.5% compared to the same quarter last year. On average, equities analysts predict that Corning will post 1.9 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date is Friday, May 31st. Corning’s payout ratio is currently 157.75%.

Insider Buying and Selling at Corning

In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the transaction, the vice president now directly owns 70,110 shares in the company, valued at $2,326,950.90. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the transaction, the vice president now owns 70,110 shares in the company, valued at $2,326,950.90. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The disclosure for this sale can be found here. Insiders have sold 175,207 shares of company stock worth $5,876,067 over the last 90 days. Company insiders own 0.40% of the company’s stock.

Hedge Funds Weigh In On Corning

A number of hedge funds have recently added to or reduced their stakes in GLW. Access Investment Management LLC acquired a new position in Corning in the first quarter valued at about $28,000. Cape Investment Advisory Inc. lifted its holdings in shares of Corning by 800.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 800 shares during the period. SRS Capital Advisors Inc. lifted its holdings in shares of Corning by 232.9% during the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after acquiring an additional 652 shares during the period. Future Financial Wealth Managment LLC acquired a new stake in shares of Corning during the 1st quarter worth approximately $33,000. Finally, Register Financial Advisors LLC bought a new position in Corning in the first quarter valued at approximately $33,000. Institutional investors own 69.80% of the company’s stock.

About Corning

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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.

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Analyst Recommendations for Corning (NYSE:GLW)

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