Corning Incorporated (NYSE:GLW – Get Free Report)’s stock price was down 4.6% during mid-day trading on Friday. The stock traded as low as $110.56 and last traded at $113.9770. 6,693,989 shares traded hands during trading, a decline of 43% from the average session volume of 11,845,467 shares. The stock had previously closed at $119.50.
Analysts Set New Price Targets
Several brokerages have recently weighed in on GLW. Weiss Ratings downgraded Corning from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, August 21st. Morgan Stanley dropped their price objective on Corning from $165.00 to $155.00 and set an “equal weight” rating for the company in a report on Wednesday, October 28th. Wall Street Zen raised Corning from a “hold” rating to a “buy” rating in a research report on Saturday, October 10th. Barclays increased their target price on Corning from $129.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 28th. Finally, Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 5th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $172.18.
Corning Stock Down 4.6%
The company’s 50 day moving average price is $142.09 and its two-hundred day moving average price is $156.01. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.51. The stock has a market cap of $98.18 billion, a P/E ratio of 46.14, a P/E/G ratio of 1.48 and a beta of 1.23.
Corning (NYSE:GLW – Get Free Report) last announced its quarterly earnings data on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. Corning had a return on equity of 20.83% and a net margin of 12.13%. The company had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $5.03 billion. During the same quarter in the prior year, the firm earned $0.67 earnings per share. Corning’s revenue was up 18.9% compared to the same quarter last year. As a group, research analysts expect that Corning Incorporated will post 3.38 earnings per share for the current year.
Corning Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Friday, November 13th. Corning’s dividend payout ratio is currently 45.34%.
Insider Activity
In other news, EVP Lewis Steverson sold 13,100 shares of the stock in a transaction on Friday, August 28th. The stock was sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the transaction, the executive vice president owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.25% of the company’s stock.
Institutional Trading of Corning
Institutional investors and hedge funds have recently made changes to their positions in the company. Alliance Wealth Advisors LLC increased its position in shares of Corning by 1.4% during the second quarter. Alliance Wealth Advisors LLC now owns 4,045 shares of the electronics maker’s stock valued at $1,033,000 after acquiring an additional 56 shares during the last quarter. Ares Financial Consulting LLC lifted its holdings in shares of Corning by 15.6% in the 2nd quarter. Ares Financial Consulting LLC now owns 444 shares of the electronics maker’s stock worth $113,000 after acquiring an additional 60 shares during the last quarter. Signature Equity Partners LLC lifted its holdings in shares of Corning by 19.3% in the 1st quarter. Signature Equity Partners LLC now owns 383 shares of the electronics maker’s stock worth $52,000 after acquiring an additional 62 shares during the last quarter. Balefire LLC boosted its position in shares of Corning by 0.7% during the 1st quarter. Balefire LLC now owns 9,595 shares of the electronics maker’s stock worth $1,305,000 after purchasing an additional 65 shares during the period. Finally, Geneos Wealth Management Inc. boosted its position in shares of Corning by 1.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 4,585 shares of the electronics maker’s stock worth $623,000 after purchasing an additional 70 shares during the period. 69.80% of the stock is currently owned by institutional investors.
Corning Company Profile
Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries. Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.
Read More
- Five stocks we like better than Corning
- Nu Holdings Earnings Show a Compounder Priced Like a Brazil Bet
- Game On: The Hidden Value in Take-Two’s Stock
- LightPath Technologies’ Record Backlog Highlights a Bigger Defense Opportunity
- A 10-Stock Strategy That Balances AI Growth With Cash Flow
Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.
