Corning’s (GLW) “Sell” Rating Reaffirmed at Drexel Hamilton

Drexel Hamilton reiterated their sell rating on shares of Corning Incorporated (NYSE:GLW) in a research note released on Monday.

“We believe this is not sustainable during an economic downturn and especially when China ramps up its glass industry.”,” Drexel Hamilton’s analyst wrote.

GLW has been the subject of a number of other research reports. Citigroup Inc. cut shares of Corning from a buy rating to a neutral rating and increased their price objective for the stock from $28.00 to $29.00 in a research report on Friday, March 31st. Stifel Nicolaus reissued a hold rating and issued a $28.00 price target on shares of Corning in a research report on Wednesday, April 19th. Susquehanna Bancshares Inc reissued a positive rating and issued a $33.00 price target (up previously from $32.00) on shares of Corning in a research report on Wednesday, April 26th. Deutsche Bank AG reissued a buy rating and issued a $33.00 price target (up previously from $30.00) on shares of Corning in a research report on Saturday, April 29th. Finally, Jefferies Group LLC raised their price target on shares of Corning from $24.50 to $27.50 and gave the company a hold rating in a research report on Friday, April 28th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the stock. Corning has an average rating of Hold and a consensus price target of $27.26.

Shares of Corning (NYSE:GLW) traded down 0.184% during mid-day trading on Monday, hitting $29.825. The company had a trading volume of 977,138 shares. Corning has a 52-week low of $18.88 and a 52-week high of $29.97. The firm has a market capitalization of $27.45 billion, a price-to-earnings ratio of 7.907 and a beta of 1.37. The firm has a 50-day moving average price of $29.22 and a 200 day moving average price of $27.04.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 25th. The electronics maker reported $0.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.04. The firm had revenue of $2.38 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Corning had a net margin of 42.69% and a return on equity of 11.25%. The firm’s quarterly revenue was up 16.0% on a year-over-year basis. During the same quarter last year, the company posted $0.28 EPS. Analysts expect that Corning will post $1.73 earnings per share for the current year.

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The business also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Wednesday, May 31st will be paid a dividend of $0.155 per share. The ex-dividend date is Friday, May 26th. This represents a $0.62 annualized dividend and a yield of 2.07%. Corning’s dividend payout ratio is currently 16.89%.

In related news, insider Clark S. Kinlin sold 40,717 shares of Corning stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $29.62, for a total transaction of $1,206,037.54. Following the sale, the insider now directly owns 72,707 shares in the company, valued at approximately $2,153,581.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Wendell P. Weeks sold 41,075 shares of Corning stock in a transaction on Wednesday, April 26th. The stock was sold at an average price of $28.46, for a total transaction of $1,168,994.50. The disclosure for this sale can be found here. Insiders have sold a total of 457,433 shares of company stock worth $13,393,083 over the last quarter. 0.59% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Corning by 0.5% in the first quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock worth $1,650,659,000 after buying an additional 326,877 shares in the last quarter. BlackRock Inc. raised its position in Corning by 1,930.0% in the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock worth $1,534,712,000 after buying an additional 54,041,176 shares in the last quarter. Dodge & Cox acquired a new position in Corning during the fourth quarter worth approximately $759,279,000. Norges Bank acquired a new position in Corning during the fourth quarter worth approximately $265,739,000. Finally, Geode Capital Management LLC raised its position in Corning by 12.8% in the first quarter. Geode Capital Management LLC now owns 9,425,858 shares of the electronics maker’s stock worth $254,146,000 after buying an additional 1,071,544 shares in the last quarter. Institutional investors own 73.59% of the company’s stock.

About Corning

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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