Corning (NYSE:GLW) Price Target Lowered to $36.00 at Bank of America

Corning (NYSE:GLW) had its target price decreased by Bank of America from $40.00 to $36.00 in a report released on Tuesday morning, Automated Import reports. Bank of America currently has a buy rating on the electronics maker’s stock.

Several other research firms have also recently weighed in on GLW. Susquehanna Bancshares restated a neutral rating and set a $30.00 price objective (down previously from $40.00) on shares of Corning in a research report on Thursday, August 1st. TheStreet lowered shares of Corning from a b- rating to a c+ rating in a report on Monday, August 26th. Cross Research lowered shares of Corning from a buy rating to a hold rating in a report on Tuesday. ValuEngine lowered shares of Corning from a buy rating to a hold rating in a report on Thursday, July 11th. Finally, Barclays began coverage on shares of Corning in a report on Wednesday, August 7th. They set an overweight rating and a $35.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $33.67.

Corning stock opened at $27.76 on Tuesday. The firm’s fifty day moving average price is $28.25 and its 200-day moving average price is $31.59. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 1.85. The stock has a market cap of $21.68 billion, a P/E ratio of 15.60, a price-to-earnings-growth ratio of 1.51 and a beta of 1.18. Corning has a fifty-two week low of $26.78 and a fifty-two week high of $36.56.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.01. The firm had revenue of $2.94 billion for the quarter, compared to analysts’ expectations of $2.97 billion. Corning had a net margin of 12.78% and a return on equity of 15.60%. The business’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter last year, the company posted $0.38 EPS. On average, analysts predict that Corning will post 1.75 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, August 30th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.88%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s dividend payout ratio is currently 44.94%.

In related news, insider Clark S. Kinlin sold 9,667 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $27.94, for a total transaction of $270,095.98. Following the transaction, the insider now owns 70,648 shares of the company’s stock, valued at approximately $1,973,905.12. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.46% of the stock is currently owned by company insiders.

Institutional investors have recently made changes to their positions in the business. Manchester Financial Inc. bought a new stake in Corning in the 2nd quarter worth $29,000. TRUE Private Wealth Advisors bought a new stake in Corning in the 2nd quarter worth $31,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Corning in the 2nd quarter worth $33,000. SRS Capital Advisors Inc. bought a new stake in Corning in the 2nd quarter worth $35,000. Finally, Thor Advisors LLC bought a new stake in Corning in the 1st quarter worth $35,000. 71.14% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Corning (NYSE:GLW)

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