Corning (NYSE:GLW) Stock Rating Reaffirmed by Morgan Stanley

Morgan Stanley reissued their overweight rating on shares of Corning (NYSE:GLW) in a research report released on Monday morning, Benzinga reports. They currently have a $35.00 price objective on the electronics maker’s stock.

Several other equities analysts have also issued reports on the stock. Susquehanna reiterated a positive rating and set a $40.00 target price on shares of Corning in a report on Monday, April 1st. JPMorgan Chase & Co. boosted their price objective on shares of Corning from $34.00 to $36.00 and gave the stock a neutral rating in a report on Thursday, April 11th. Barclays boosted their price objective on shares of Corning from $28.00 to $35.00 and gave the stock an equal weight rating in a report on Wednesday, January 31st. UBS Group boosted their price objective on shares of Corning from $34.00 to $35.00 and gave the stock a neutral rating in a report on Monday, April 8th. Finally, StockNews.com upgraded shares of Corning from a sell rating to a hold rating in a report on Monday, April 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Hold and an average target price of $34.78.

Corning Price Performance

GLW stock opened at $31.52 on Monday. The firm has a 50 day moving average price of $32.30 and a 200-day moving average price of $30.43. Corning has a 52-week low of $25.26 and a 52-week high of $36.01. The firm has a market capitalization of $26.96 billion, a price-to-earnings ratio of 47.04, a PEG ratio of 1.75 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67.

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

Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.55%. Corning’s dividend payout ratio is presently 167.16%.

Insider Buying and Selling at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.45% of the company’s stock.

Institutional Investors Weigh In On Corning

A number of hedge funds have recently modified their holdings of the business. Alaska Permanent Fund Corp grew its position in shares of Corning by 0.4% during the 1st quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock valued at $2,754,000 after acquiring an additional 329 shares during the period. Level Four Advisory Services LLC grew its position in shares of Corning by 3.8% during the 4th quarter. Level Four Advisory Services LLC now owns 9,411 shares of the electronics maker’s stock valued at $287,000 after acquiring an additional 343 shares during the period. Madison Asset Management LLC boosted its holdings in Corning by 0.7% in the 4th quarter. Madison Asset Management LLC now owns 53,113 shares of the electronics maker’s stock worth $1,617,000 after buying an additional 349 shares during the period. First Trust Direct Indexing L.P. boosted its holdings in Corning by 4.1% in the 1st quarter. First Trust Direct Indexing L.P. now owns 9,206 shares of the electronics maker’s stock worth $303,000 after buying an additional 361 shares during the period. Finally, Harvest Investment Advisors LLC boosted its holdings in Corning by 1.0% in the 3rd quarter. Harvest Investment Advisors LLC now owns 36,286 shares of the electronics maker’s stock worth $1,106,000 after buying an additional 364 shares during the period. Institutional investors own 69.80% of the company’s stock.

Corning Company Profile

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.