Corning (NYSE:GLW) PT Lowered to $30.00 at UBS Group
Corning (NYSE:GLW) had its price target reduced by UBS Group from $33.00 to $30.00 in a research report sent to investors on Wednesday, BenzingaRatingsTable reports. They currently have a neutral rating on the electronics maker’s stock.
A number of other analysts have also commented on GLW. Deutsche Bank set a $36.00 price target on Corning and gave the stock a buy rating in a report on Wednesday, July 31st. Bank of America dropped their price target on Corning from $40.00 to $36.00 and set a buy rating on the stock in a report on Tuesday. Cross Research lowered Corning from a buy rating to a hold rating in a report on Tuesday. Zacks Investment Research upgraded Corning from a sell rating to a hold rating and set a $30.00 price target on the stock in a report on Friday, September 6th. Finally, Susquehanna Bancshares reiterated a neutral rating and set a $30.00 price target (down from $40.00) on shares of Corning in a report on Thursday, August 1st. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $33.67.
Shares of NYSE:GLW opened at $27.76 on Wednesday. The business’s 50 day moving average is $28.25 and its 200 day moving average is $31.59. The stock has a market cap of $21.79 billion, a price-to-earnings ratio of 14.31, a PEG ratio of 1.77 and a beta of 1.18. Corning has a 12-month low of $26.78 and a 12-month high of $36.56. The company has a quick ratio of 1.18, a current ratio of 1.85 and a debt-to-equity ratio of 0.54.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, August 30th will be paid a $0.20 dividend. The ex-dividend date is Thursday, August 29th. This represents a $0.80 annualized dividend and a dividend yield of 2.88%. Corning’s payout ratio is presently 44.94%.
In other Corning news, insider Clark S. Kinlin sold 9,667 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $27.94, for a total value of $270,095.98. Following the sale, the insider now directly owns 70,648 shares in the company, valued at $1,973,905.12. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.46% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the business. Princeton Global Asset Management LLC raised its stake in shares of Corning by 9.7% in the second quarter. Princeton Global Asset Management LLC now owns 16,800 shares of the electronics maker’s stock valued at $558,000 after buying an additional 1,485 shares during the period. Front Row Advisors LLC raised its stake in shares of Corning by 1.8% during the 2nd quarter. Front Row Advisors LLC now owns 56,866 shares of the electronics maker’s stock valued at $1,890,000 after purchasing an additional 998 shares during the period. Atria Investments LLC bought a new stake in shares of Corning during the 2nd quarter valued at $343,000. Nomura Holdings Inc. raised its stake in shares of Corning by 544.0% during the 2nd quarter. Nomura Holdings Inc. now owns 1,175,109 shares of the electronics maker’s stock valued at $39,781,000 after purchasing an additional 992,638 shares during the period. Finally, RFG Advisory LLC raised its stake in shares of Corning by 11.3% during the 2nd quarter. RFG Advisory LLC now owns 6,739 shares of the electronics maker’s stock valued at $224,000 after purchasing an additional 685 shares during the period. Hedge funds and other institutional investors own 71.14% of the company’s stock.
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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