Corning (GLW) Rating Increased to Buy at Citigroup
Citigroup upgraded shares of Corning (NYSE:GLW) from a neutral rating to a buy rating in a report published on Friday morning, MarketBeat.com reports. The firm currently has $40.00 price objective on the electronics maker’s stock, up from their prior price objective of $32.50.
A number of other research firms have also weighed in on GLW. TheStreet upgraded shares of Corning from a c+ rating to a b rating in a research report on Wednesday, July 25th. Guggenheim reiterated a buy rating on shares of Corning in a research report on Wednesday, July 25th. Goldman Sachs Group upgraded shares of Corning from a sell rating to a neutral rating and set a $29.00 price target for the company in a research report on Wednesday, June 20th. Zacks Investment Research upgraded shares of Corning from a hold rating to a buy rating and set a $31.00 price target for the company in a research report on Tuesday, June 26th. Finally, Morgan Stanley upgraded shares of Corning from an equal weight rating to an overweight rating in a research report on Thursday, May 31st. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $34.45.
GLW opened at $35.18 on Friday. The company has a market capitalization of $27.55 billion, a price-to-earnings ratio of 20.54, a PEG ratio of 2.40 and a beta of 1.35. Corning has a 1-year low of $26.11 and a 1-year high of $36.00. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.23 and a quick ratio of 1.58.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, August 31st will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, August 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.05%. Corning’s dividend payout ratio is 41.86%.
In related news, CEO Wendell P. Weeks sold 237,470 shares of the company’s stock in a transaction on Thursday, August 2nd. The shares were sold at an average price of $32.87, for a total transaction of $7,805,638.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider R Tony Tripeny sold 67,659 shares of the company’s stock in a transaction on Thursday, August 2nd. The stock was sold at an average price of $33.00, for a total transaction of $2,232,747.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 383,605 shares of company stock valued at $12,649,768. 0.46% of the stock is owned by company insiders.
Several large investors have recently modified their holdings of the stock. Institutional & Family Asset Management LLC purchased a new stake in Corning during the first quarter valued at $101,000. Founders Capital Management purchased a new stake in Corning during the second quarter valued at $105,000. Private Capital Group LLC raised its stake in Corning by 1,455.7% during the first quarter. Private Capital Group LLC now owns 3,936 shares of the electronics maker’s stock valued at $110,000 after purchasing an additional 3,683 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its stake in Corning by 16,371.4% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock valued at $127,000 after purchasing an additional 4,584 shares in the last quarter. Finally, City Holding Co. purchased a new stake in Corning during the second quarter valued at $137,000. Hedge funds and other institutional investors own 70.36% of the company’s stock.
Corning Company Profile
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
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