Corning (NYSE:GLW) had its price target trimmed by Citigroup from $35.00 to $32.00 in a research note published on Friday morning. The brokerage currently has a neutral rating on the electronics maker’s stock.
GLW has been the topic of a number of other reports. Guggenheim reaffirmed a buy rating and issued a $35.00 price objective on shares of Corning in a research note on Tuesday, December 12th. ValuEngine raised shares of Corning from a hold rating to a buy rating in a research note on Sunday, December 31st. TheStreet lowered shares of Corning from a b- rating to a c+ rating in a research note on Wednesday, February 28th. Zacks Investment Research raised shares of Corning from a hold rating to a buy rating and set a $36.00 price objective on the stock in a research note on Tuesday, December 19th. Finally, Barclays set a $38.00 price objective on shares of Corning and gave the company a buy rating in a research note on Wednesday, January 10th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $31.22.
Shares of Corning (NYSE GLW) opened at $29.84 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.75 and a quick ratio of 2.22. Corning has a 12 month low of $26.32 and a 12 month high of $35.10. The company has a market cap of $25,590.00, a price-to-earnings ratio of -43.88, a PEG ratio of 4.48 and a beta of 1.35.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Wednesday, February 28th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date is Tuesday, February 27th. This is an increase from Corning’s previous quarterly dividend of $0.16. Corning’s payout ratio is presently -105.88%.
In related news, Director John A. Canning, Jr. bought 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The shares were bought at an average price of $29.60 per share, for a total transaction of $888,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the company’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $32.42, for a total transaction of $1,675,335.92. Following the transaction, the insider now owns 136,032 shares in the company, valued at approximately $4,410,157.44. The disclosure for this sale can be found here. 0.59% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jennison Associates LLC raised its holdings in Corning by 24.8% during the fourth quarter. Jennison Associates LLC now owns 11,491,434 shares of the electronics maker’s stock worth $367,611,000 after buying an additional 2,284,899 shares during the last quarter. Lyrical Asset Management LP raised its holdings in Corning by 2.5% during the fourth quarter. Lyrical Asset Management LP now owns 10,718,170 shares of the electronics maker’s stock worth $342,874,000 after buying an additional 258,334 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Corning by 0.7% during the third quarter. Dimensional Fund Advisors LP now owns 8,090,707 shares of the electronics maker’s stock worth $242,077,000 after buying an additional 56,973 shares during the last quarter. Janus Henderson Group PLC raised its holdings in Corning by 17.0% during the third quarter. Janus Henderson Group PLC now owns 6,881,667 shares of the electronics maker’s stock worth $205,899,000 after buying an additional 999,912 shares during the last quarter. Finally, TCW Group Inc. raised its holdings in Corning by 1.9% during the third quarter. TCW Group Inc. now owns 6,081,608 shares of the electronics maker’s stock worth $181,962,000 after buying an additional 114,855 shares during the last quarter. Hedge funds and other institutional investors own 72.94% of the company’s stock.
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Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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