Citigroup Raises Corning (NYSE:GLW) Price Target to $35.00
Corning (NYSE:GLW) had its price target raised by Citigroup from $32.00 to $35.00 in a research report sent to investors on Wednesday, The Fly reports. Citigroup currently has a buy rating on the electronics maker’s stock.
A number of other research firms have also issued reports on GLW. Oppenheimer assumed coverage on Corning in a research report on Tuesday. They issued a hold rating on the stock. Susquehanna Bancshares reaffirmed a hold rating and issued a $26.00 price target on shares of Corning in a research report on Tuesday. Morgan Stanley increased their price target on Corning from $24.00 to $26.00 and gave the company an equal weight rating in a research report on Wednesday, June 10th. Barclays lowered Corning from an overweight rating to an equal weight rating and reduced their price target for the company from $26.00 to $22.00 in a research report on Wednesday, April 29th. Finally, JPMorgan Chase & Co. raised Corning from a neutral rating to an overweight rating and increased their price target for the company from $25.00 to $36.00 in a research report on Thursday, July 16th. Ten equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Corning presently has a consensus rating of Hold and a consensus target price of $31.73.
Corning stock traded down $0.12 during midday trading on Wednesday, reaching $31.00. 5,697,341 shares of the stock traded hands, compared to its average volume of 5,281,600. The company has a 50-day simple moving average of $27.43 and a two-hundred day simple moving average of $24.73. Corning has a 12-month low of $17.44 and a 12-month high of $31.82. The firm has a market cap of $23.59 billion, a PE ratio of 310.03, a price-to-earnings-growth ratio of 13.94 and a beta of 1.10. The company has a current ratio of 2.27, a quick ratio of 1.44 and a debt-to-equity ratio of 0.79.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, August 28th will be paid a dividend of $0.22 per share. The ex-dividend date is Thursday, August 27th. This represents a $0.88 dividend on an annualized basis and a yield of 2.84%. Corning’s dividend payout ratio is presently 50.00%.
In related news, EVP Clark S. Kinlin sold 28,840 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $30.80, for a total transaction of $888,272.00. Following the transaction, the executive vice president now owns 80,881 shares in the company, valued at approximately $2,491,134.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Wendell P. Weeks sold 94,928 shares of the firm’s stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $31.07, for a total value of $2,949,412.96. The disclosure for this sale can be found here. Insiders have sold a total of 186,762 shares of company stock worth $5,812,645 in the last 90 days. 0.47% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in GLW. Wellington Management Group LLP grew its stake in Corning by 79.5% during the 1st quarter. Wellington Management Group LLP now owns 43,344,435 shares of the electronics maker’s stock worth $890,295,000 after buying an additional 19,190,516 shares during the last quarter. Norges Bank purchased a new position in shares of Corning in the 4th quarter valued at approximately $232,539,000. Invesco Ltd. grew its stake in shares of Corning by 120.3% in the 1st quarter. Invesco Ltd. now owns 9,835,832 shares of the electronics maker’s stock valued at $202,029,000 after purchasing an additional 5,370,587 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Corning by 47.9% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,762,964 shares of the electronics maker’s stock valued at $123,361,000 after purchasing an additional 1,543,345 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Corning by 148.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,126,266 shares of the electronics maker’s stock valued at $43,673,000 after purchasing an additional 1,271,063 shares during the last quarter. Hedge funds and other institutional investors own 72.96% of the company’s stock.
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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