Corning (NYSE:GLW) Stock Gets Price Target Cut from Sanford C. Bernstein

Corning (NYSE:GLW) had its target price trimmed by Sanford C. Bernstein from $140.00 to $120.00 in a research report sent to investors on Monday morning,Benzinga reports. The brokerage currently has a market perform rating on the electronics maker’s stock.

A number of other equities analysts also recently issued reports on the stock. Weiss Ratings downgraded shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, August 21st. Barclays lifted their price objective on shares of Corning from $129.00 to $132.00 and gave the company an “equal weight” rating in a report on Wednesday, October 28th. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating in a research note on Thursday, November 5th. Citigroup restated a “buy” rating on shares of Corning in a report on Tuesday, October 27th. Finally, China Renaissance raised Corning from a “hold” rating to a “buy” rating and set a $238.00 target price on the stock in a research report on Tuesday, September 8th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $172.18.

Corning Stock Up 7.5%

NYSE:GLW opened at $120.56 on Monday. Corning has a twelve month low of $77.39 and a twelve month high of $271.78. The company has a market cap of $103.85 billion, a price-to-earnings ratio of 36.06, a price-to-earnings-growth ratio of 1.38 and a beta of 1.23. The stock has a fifty day simple moving average of $142.58 and a 200-day simple moving average of $155.89. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.51.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. The company had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $5.03 billion. Corning had a net margin of 12.13% and a return on equity of 20.83%. The firm’s quarterly revenue was up 18.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.67 EPS. Analysts anticipate that Corning will post 3.38 EPS for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a yield of 0.9%. Corning’s payout ratio is currently 45.34%.

Insiders Place Their Bets

In other Corning news, EVP Lewis Steverson sold 13,100 shares of Corning stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the completion of the sale, the executive vice president directly owned 15,052 shares in the company, valued at approximately $2,277,217.08. The trade was a 46.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.25% of the company’s stock.

Institutional Trading of Corning

A number of hedge funds and other institutional investors have recently made changes to their positions in GLW. Atwood & Palmer Inc. acquired a new position in Corning in the 2nd quarter worth about $26,000. Rogco LP purchased a new stake in shares of Corning in the second quarter valued at approximately $27,000. Western Pacific Wealth Management LP acquired a new position in shares of Corning during the 3rd quarter worth approximately $25,000. Kings Path Partners LLC acquired a new position in shares of Corning during the 3rd quarter worth approximately $25,000. Finally, Toth Financial Advisory Corp lifted its position in shares of Corning by 130.7% during the 3rd quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock valued at $27,000 after buying an additional 98 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning News Summary

These are some of the GLW news items that stood out recently:

• Positive Sentiment: Jefferies initiated coverage with a Buy rating and a $134 price target, citing strong demand for optical fiber as AI data centers expand. The new coverage appears to be the clearest near-term catalyst for the shares. Corning stock jumps as Jefferies sees AI fiber demand driving growth
• Neutral Sentiment: Despite the positive catalyst, one report noted GLW had fallen sharply over the prior month. ETF buying may signal institutional interest, but does not guarantee that the recent decline has run its course. Is Corning (GLW) Undervalued After Its 28% One Month Slide?
• Negative Sentiment: A broader pullback in the AI “picks-and-shovels” trade could weigh on sentiment toward Corning, even as the company benefits from demand for data-center fiber. Corning to Caterpillar: The AI ‘picks and shovels’ trade caves in

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.