Corning Incorporated (NYSE:GLW) Stock Has Consensus Target Price of $177.25 According to Analysts

Shares of Corning Incorporated (NYSE:GLW) have received a consensus rating of “Moderate Buy” from the twenty ratings firms that are currently covering the stock, Marketbeat.com reports. Seven analysts have rated the stock with a hold recommendation and thirteen have issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $177.25.

GLW has been the subject of a number of research analyst reports. Truist Financial lifted their target price on shares of Corning from $175.00 to $182.00 and gave the stock a “buy” rating in a research report on Friday, October 2nd. JPMorgan Chase & Co. cut their price objective on Corning from $170.00 to $165.00 and set a “neutral” rating for the company in a report on Wednesday, October 21st. Sanford C. Bernstein assumed coverage on Corning in a research report on Wednesday, September 30th. They set a “market perform” rating and a $140.00 price objective for the company. Barclays lowered their target price on Corning from $180.00 to $129.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 29th. Finally, Bank of America dropped their target price on Corning from $243.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, July 29th.

Corning Stock Up 3.0%

GLW stock opened at $127.34 on Friday. Corning has a 1-year low of $77.39 and a 1-year high of $271.78. The business has a fifty day moving average price of $151.19 and a 200-day moving average price of $153.96. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.24. The stock has a market capitalization of $109.69 billion, a P/E ratio of 58.15, a P/E/G ratio of 1.56 and a beta of 1.13.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 EPS for the quarter, beating the consensus estimate of $0.76 by $0.02. The company had revenue of $4.74 billion for the quarter, compared to analysts’ expectations of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%. Corning’s revenue was up 17.1% compared to the same quarter last year. During the same period last year, the firm posted $0.60 earnings per share. Equities analysts forecast that Corning will post 3.30 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Stockholders 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 annualized dividend and a dividend yield of 0.9%. Corning’s dividend payout ratio is presently 51.14%.

Insider Buying and Selling at Corning

In other news, EVP Lewis Steverson sold 13,100 shares of the stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the transaction, the executive vice president owned 15,052 shares in the company, valued at $2,277,217.08. This represents a 46.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.25% of the stock is owned by company insiders.

Institutional Trading of Corning

Several large investors have recently added to or reduced their stakes in the business. Western Pacific Wealth Management LP purchased a new position in shares of Corning during the 3rd quarter worth $25,000. Kings Path Partners LLC bought a new stake in shares of Corning during the 3rd quarter valued at $25,000. Atwood & Palmer Inc. bought a new stake in shares of Corning during the 2nd quarter valued at $26,000. Rogco LP purchased a new stake in shares of Corning in the 2nd quarter worth $27,000. Finally, Toth Financial Advisory Corp increased its stake in shares of Corning by 130.7% in the 3rd quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 98 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Company Profile

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.