Susquehanna Raises Corning (NYSE:GLW) Price Target to $55.00

Corning (NYSE:GLW) had its price objective hoisted by Susquehanna from $46.00 to $55.00 in a report issued on Friday morning, Benzinga reports. Susquehanna currently has a positive rating on the electronics maker’s stock.

GLW has been the topic of several other research reports. Oppenheimer restated an outperform rating and set a $47.00 price objective (down previously from $50.00) on shares of Corning in a report on Wednesday, July 31st. UBS Group lifted their price objective on shares of Corning from $38.00 to $44.00 and gave the stock a neutral rating in a research note on Tuesday, July 9th. Citigroup boosted their price objective on shares of Corning from $45.00 to $51.00 and gave the company a buy rating in a report on Friday, July 12th. Deutsche Bank Aktiengesellschaft upgraded Corning from a hold rating to a buy rating and set a $46.00 target price for the company in a research note on Wednesday, July 31st. Finally, JPMorgan Chase & Co. boosted their price target on Corning from $47.00 to $55.00 and gave the company an overweight rating in a research note on Monday, July 29th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $47.00.

Corning Trading Up 0.2 %

NYSE:GLW opened at $44.50 on Friday. The stock has a market capitalization of $38.12 billion, a price-to-earnings ratio of 62.68, a PEG ratio of 1.66 and a beta of 1.04. Corning has a 52 week low of $25.26 and a 52 week high of $46.39. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The firm has a 50 day moving average of $41.73 and a 200 day moving average of $37.58.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter last year, the firm earned $0.45 EPS. The business’s quarterly revenue was up 3.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Corning will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.52%. Corning’s payout ratio is 157.75%.

Hedge Funds Weigh In On Corning

Large investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its holdings in Corning by 35.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after buying an additional 4,464,893 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Corning by 9.0% in the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after purchasing an additional 2,597,878 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Corning by 41.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after purchasing an additional 1,828,097 shares during the period. Natixis boosted its position in Corning by 2,405.2% during the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after purchasing an additional 1,735,638 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Corning by 10,626.4% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock valued at $33,388,000 after purchasing an additional 1,003,556 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

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.