Analysts Set Corning Incorporated (NYSE:GLW) Target Price at $34.56

Corning Incorporated (NYSE:GLW) has received a consensus recommendation of “Hold” from the nine analysts that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $34.56.

A number of research firms have recently weighed in on GLW. JPMorgan Chase & Co. raised their target price on Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Susquehanna reaffirmed a “positive” rating and set a $40.00 price objective on shares of Corning in a report on Monday, April 1st. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a report on Thursday, February 1st. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Finally, UBS Group increased their price objective on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th.

Insider Buying and Selling

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Corning

Large investors have recently modified their holdings of the business. Norges Bank purchased a new position in Corning in the 4th quarter valued at approximately $247,721,000. Price T Rowe Associates Inc. MD raised its stake in shares of Corning by 74.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,681,332 shares of the electronics maker’s stock valued at $306,278,000 after purchasing an additional 3,694,339 shares during the period. Morgan Stanley lifted its holdings in Corning by 26.5% during the 4th quarter. Morgan Stanley now owns 13,734,071 shares of the electronics maker’s stock worth $438,666,000 after purchasing an additional 2,875,197 shares in the last quarter. Wellington Management Group LLP boosted its stake in Corning by 9.0% in the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after purchasing an additional 2,597,878 shares during the period. Finally, Ameriprise Financial Inc. increased its position in shares of Corning by 15.0% during the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after buying an additional 2,301,745 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

GLW opened at $30.89 on Friday. Corning has a 1-year low of $25.26 and a 1-year high of $36.01. The company has a market cap of $26.42 billion, a price-to-earnings ratio of 46.10, a PEG ratio of 1.71 and a beta of 1.08. The company’s fifty day moving average price is $32.33 and its two-hundred day moving average price is $30.38. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting the consensus estimate of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same period in the previous year, the firm posted $0.47 earnings per share. The firm’s revenue for the quarter was down 12.1% on a year-over-year basis. On average, analysts expect that Corning will post 1.87 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were paid a dividend of $0.28 per share. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 3.63%. Corning’s payout ratio is currently 167.16%.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.