Corning Incorporated (GLW) Receives Average Recommendation of “Hold” from Analysts
Shares of Corning Incorporated (NYSE:GLW) have been given a consensus recommendation of “Hold” by the fifteen research firms that are presently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $30.67.
Several research firms recently weighed in on GLW. Oppenheimer reaffirmed a “hold” rating on shares of Corning in a research report on Wednesday, January 31st. Citigroup upped their price objective on shares of Corning from $33.00 to $35.00 and gave the stock a “neutral” rating in a research report on Thursday, January 25th. Guggenheim reaffirmed a “buy” rating and set a $35.00 price objective on shares of Corning in a research report on Tuesday, December 12th. Barclays set a $38.00 price objective on shares of Corning and gave the stock a “buy” rating in a research report on Wednesday, January 10th. Finally, ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd.
In other news, Director John A. Canning, Jr. acquired 30,000 shares of the stock in a transaction dated Wednesday, February 14th. The stock was bought at an average price of $29.60 per share, with a total value of $888,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the company’s stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $32.42, for a total value of $1,675,335.92. Following the completion of the transaction, the insider now directly owns 136,032 shares of the company’s stock, valued at approximately $4,410,157.44. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by corporate insiders.
Shares of Corning (GLW) traded down $0.07 during trading on Tuesday, hitting $29.47. 9,890,000 shares of the stock were exchanged, compared to its average volume of 8,050,000. The company has a market capitalization of $25,610.00, a PE ratio of -43.34, a PEG ratio of 4.41 and a beta of 1.34. Corning has a 52 week low of $26.32 and a 52 week high of $35.10. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.22 and a current ratio of 2.75.
Corning (NYSE:GLW) last announced its earnings results on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.02. Corning had a negative net margin of 4.91% and a positive return on equity of 11.62%. The company had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.65 billion. During the same quarter in the previous year, the business posted $0.50 earnings per share. Corning’s quarterly revenue was up 7.4% on a year-over-year basis. equities analysts anticipate that Corning will post 1.67 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Wednesday, February 28th will be issued a $0.18 dividend. The ex-dividend date is Tuesday, February 27th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.44%. This is a boost from Corning’s previous quarterly dividend of $0.16. Corning’s dividend payout ratio is -91.18%.
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Corning Company Profile
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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