Corning (NYSE:GLW) Shares Up 2.5% Following Analyst Upgrade

Corning Incorporated (NYSE:GLW)’s share price was up 2.5% on Friday after Fox Advisors upgraded the stock from an equal weight rating to an overweight rating. The stock traded as high as $110.50 and last traded at $106.0350. 11,675,978 shares traded hands during mid-day trading, a decline of 2% from the average session volume of 11,920,381 shares. The stock had previously closed at $103.43.

A number of other research analysts also recently commented on GLW. UBS Group reduced their target price on Corning from $201.00 to $192.00 and set a “buy” rating on the stock in a report on Wednesday, October 28th. Weiss Ratings downgraded Corning from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, August 21st. Morgan Stanley lowered their price target on Corning from $165.00 to $155.00 and set an “equal weight” rating for the company in a report on Wednesday, October 28th. Wall Street Zen raised Corning from a “hold” rating to a “buy” rating in a research report on Saturday, October 10th. Finally, Bank of America reduced their price objective on Corning from $243.00 to $200.00 and set a “buy” rating on the stock in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $175.81.

Insider Buying and Selling at Corning

In related news, EVP Lewis Steverson sold 13,100 shares of the stock in a transaction dated 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 sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.25% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Corning

Institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp bought a new stake in Corning in the second quarter valued at $1,510,911,000. State Street Corp boosted its holdings in shares of Corning by 13.4% during the second quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock valued at $10,500,315,000 after acquiring an additional 4,845,027 shares during the period. Legal & General Group Plc acquired a new position in shares of Corning during the second quarter valued at $1,212,283,000. Wellington Management Group LLP boosted its holdings in shares of Corning by 50.9% during the second quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock valued at $3,365,084,000 after acquiring an additional 4,446,514 shares during the period. Finally, Bank of America Corp DE grew its position in shares of Corning by 29.2% during the second quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock worth $4,784,361,000 after acquiring an additional 4,231,507 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Stock Up 2.5%

The firm’s 50-day moving average price is $145.40 and its 200 day moving average price is $155.48. The firm has a market cap of $91.34 billion, a P/E ratio of 42.93, a price-to-earnings-growth ratio of 1.46 and a beta of 1.23. The company has a quick ratio of 1.17, a current ratio of 1.72 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 for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $5.08 billion for 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 company’s revenue for the quarter was up 18.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.67 EPS. As a group, research analysts expect that Corning Incorporated will post 3.38 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be given a $0.28 dividend. The ex-dividend date is Friday, November 13th. This represents a $1.12 annualized dividend and a yield of 1.1%. Corning’s dividend payout ratio is 45.34%.

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.

Headquartered in Corning, New York, the company serves customers worldwide through operations and sales across multiple geographies.