Corning (GLW) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Corning (NYSE:GLW) from a buy rating to a hold rating in a report published on Friday.

According to Zacks, “Corning is a worldwide provider of connectivity solutions. The company has been supplementing its portfolio with various acquisitions. Most recently, the company announced that it has agreed to take over 3M Company’s Communication Markets Division for $900 million. Corning is benefiting from robust performance in the company’s Optical Communications and Specialty Materials business lines. Moreover, strong demand for Gorilla Glass 5 (GG5) and its fiber optics products is a key catalyst. Moreover, the company remains focused on expanding its footprint in the automotive market driven by gas particulate filters (GPFs) and a Gorilla-sized automotive glass business. Further, aggressive share buyback in accordance with the strategy & capital allocation framework will also boost bottom line growth. On a year-to-date basis, the stock has outperformed the industry it belongs to. However, weakness in the Display segment remains a headwind.”

A number of other research analysts have also recently commented on GLW. Susquehanna Bancshares restated a positive rating and set a $35.00 price objective on shares of Corning in a research note on Thursday, August 24th. BidaskClub upgraded Corning from a hold rating to a buy rating in a research note on Saturday, August 26th. Guggenheim restated a buy rating and set a $35.00 price objective on shares of Corning in a research note on Thursday, September 21st. Jefferies Group restated a hold rating and set a $29.50 price objective on shares of Corning in a research note on Friday, October 6th. Finally, Oppenheimer restated a hold rating on shares of Corning in a research note on Wednesday, October 25th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Corning presently has an average rating of Hold and a consensus target price of $29.76.

Shares of Corning (NYSE:GLW) opened at $32.38 on Friday. Corning has a 1 year low of $24.12 and a 1 year high of $32.81. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.14 and a current ratio of 2.69. The stock has a market capitalization of $28,210.00, a PE ratio of 13.78, a price-to-earnings-growth ratio of 2.69 and a beta of 1.33.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.02. The firm had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.59 billion. Corning had a return on equity of 11.53% and a net margin of 24.98%. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.42 earnings per share. equities research analysts forecast that Corning will post 1.7 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Thursday, November 16th were paid a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 1.91%. The ex-dividend date was Wednesday, November 15th. Corning’s payout ratio is currently 26.38%.

In other news, Director Deborah Rieman sold 2,083 shares of the company’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $32.16, for a total transaction of $66,989.28. Following the completion of the transaction, the director now directly owns 102,896 shares of the company’s stock, valued at $3,309,135.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Hansel E. Tookes II sold 6,513 shares of the company’s stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $31.60, for a total value of $205,810.80. Following the transaction, the director now directly owns 88,946 shares of the company’s stock, valued at $2,810,693.60. The disclosure for this sale can be found here. Insiders have sold 348,320 shares of company stock worth $10,996,824 in the last 90 days. 0.59% of the stock is currently owned by insiders.

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Corning by 1.6% in the second quarter. Vanguard Group Inc. now owns 62,101,521 shares of the electronics maker’s stock worth $1,866,151,000 after purchasing an additional 965,976 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Corning by 5.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 17,882,917 shares of the electronics maker’s stock valued at $537,381,000 after acquiring an additional 971,936 shares during the last quarter. LSV Asset Management lifted its position in shares of Corning by 1.3% during the 2nd quarter. LSV Asset Management now owns 13,011,732 shares of the electronics maker’s stock valued at $391,002,000 after acquiring an additional 165,214 shares during the last quarter. Jennison Associates LLC acquired a new stake in shares of Corning during the 3rd quarter valued at $275,460,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Corning by 0.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 8,090,707 shares of the electronics maker’s stock valued at $242,077,000 after acquiring an additional 56,973 shares during the last quarter. 72.11% of the stock is owned by institutional investors.

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About Corning

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).

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