Corning Incorporated (GLW) Receives $35.86 Consensus Price Target from Analysts

Corning Incorporated (NYSE:GLW) has been assigned a consensus rating of “Buy” from the ten research firms that are presently covering the stock, Marketbeat reports. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $35.86.

GLW has been the subject of several analyst reports. Zacks Investment Research lowered Corning from a “buy” rating to a “hold” rating in a report on Tuesday, December 18th. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a report on Tuesday, January 29th.

In other news, CEO Wendell P. Weeks sold 223,379 shares of the company’s stock in a transaction that occurred on Thursday, February 14th. The stock was sold at an average price of $33.77, for a total transaction of $7,543,508.83. Following the completion of the transaction, the chief executive officer now directly owns 114,943 shares in the company, valued at $3,881,625.11. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP David L. Morse sold 36,664 shares of the company’s stock in a transaction that occurred on Monday, February 25th. The stock was sold at an average price of $35.00, for a total value of $1,283,240.00. Following the transaction, the vice president now owns 47,527 shares of the company’s stock, valued at $1,663,445. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 328,767 shares of company stock valued at $11,162,588. Corporate insiders own 0.46% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Riverview Trust Co acquired a new position in shares of Corning during the fourth quarter worth approximately $26,000. Sontag Advisory LLC acquired a new position in shares of Corning during the fourth quarter worth approximately $29,000. Athena Capital Advisors LLC acquired a new position in shares of Corning during the fourth quarter worth approximately $33,000. Essex Savings Bank acquired a new position in shares of Corning during the fourth quarter worth approximately $34,000. Finally, Hanson McClain Inc. lifted its holdings in shares of Corning by 72.2% during the fourth quarter. Hanson McClain Inc. now owns 1,193 shares of the electronics maker’s stock worth $36,000 after buying an additional 500 shares during the last quarter. Institutional investors own 72.08% of the company’s stock.

Shares of NYSE GLW opened at $34.88 on Friday. The company has a market capitalization of $27.45 billion, a P/E ratio of 19.60, a PEG ratio of 1.99 and a beta of 1.16. Corning has a 52 week low of $26.11 and a 52 week high of $36.56. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.12 and a quick ratio of 1.51.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, January 29th. The electronics maker reported $0.59 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.02. The business had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.02 billion. Corning had a return on equity of 14.21% and a net margin of 9.44%. The firm’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.49 EPS. As a group, equities analysts forecast that Corning will post 2 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, February 28th were issued a $0.20 dividend. This is a positive change from Corning’s previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a yield of 2.29%. The ex-dividend date was Wednesday, February 27th. Corning’s payout ratio is 44.94%.

Corning Company Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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