Several brokerages have updated their recommendations and price targets on shares of Corning (NYSE: GLW) in the last few weeks:

  • 10/26/2017 – Corning was upgraded by analysts at Zacks Investment Research from a “strong sell” rating to a “hold” rating. According to Zacks, “Corning is benefiting from robust performance in the company’s Optical Communications and Specialty Materials business lines. The company’s third-quarter results demonstrated strong demand for the company’s fiber-optic products. We also note solid demand for Gorilla Glass in the smartphone market. 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.”
  • 10/25/2017 – Corning had its “hold” rating reaffirmed by analysts at Oppenheimer Holdings, Inc..
  • 10/25/2017 – Corning had its price target raised by analysts at Deutsche Bank AG from $33.00 to $35.00. They now have a “buy” rating on the stock.
  • 10/25/2017 – Corning had its price target raised by analysts at Citigroup Inc. from $30.00 to $32.00. They now have a “neutral” rating on the stock.
  • 10/24/2017 – Corning had its “buy” rating reaffirmed by analysts at Guggenheim. They now have a $35.00 price target on the stock.
  • 10/20/2017 – Corning was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. According to Zacks, “Corning is facing weakness in the Display segment that remains a headwind, which can drag down returns in the rest of 2017. The company also faces price erosion in the same segment. Further, a slowdown in the demand for tablets is a negative as well. Corning has underperformed the industry on a year-to-date basis. Notably, estimates have been going down ahead of the company’s Q3 earnings release. However, strong demand for the company’s fiber-optic products among North American carriers like Verizon is a growth driver. 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. “
  • 10/6/2017 – Corning had its “hold” rating reaffirmed by analysts at Jefferies Group LLC. They now have a $29.50 price target on the stock.
  • 9/21/2017 – Corning had its “buy” rating reaffirmed by analysts at Guggenheim. They now have a $35.00 price target on the stock. They wrote, “We met with GLW management yesterday at its HQ in Corning, NY (including CEO, CFO, CSO, CTO) and came away positive on its long-term R&D and TAM expansion prospects, as we expected, but also positive on GLW’s near-term ability to maintain momentum even in the face of some choppier end markets. Display glass seems able to withstand LCD panel cyclicality thanks to increasing screen sizes and, even more importantly, ongoing moderation in ASP declines. Optical Comms growth remains strong, driven by US FTTH, with GLW “sold out,” and Gorilla Glass should keep re-accelerating as new iPhones now double their content to front AND back. We think GLW showed the strengths of investing in applied R&D, with sizeable long- term TAM expansion opportunities headlined by Automotive Gorilla Glass and its new pharmaceutical Valor Glass, where we received an impassioned deep-dive from CEO, Wendell Weeks.””

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.02. The business had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.42 earnings per share.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 16th will be issued a $0.155 dividend. This represents a $0.62 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend is Wednesday, November 15th. Corning’s payout ratio is currently 26.38%.

In other Corning news, CEO Wendell P. Weeks sold 248,857 shares of the company’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total value of $7,806,644.09. Following the completion of the sale, the chief executive officer now directly owns 65,333 shares of the company’s stock, valued at approximately $2,049,496.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Hansel E. Tookes II sold 6,513 shares of the company’s stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $31.60, for a total transaction of $205,810.80. Following the completion of the sale, 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 sold 413,207 shares of company stock valued at $12,611,130 in the last ninety days. Corporate insiders own 0.59% of the company’s stock.

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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