Corning (GLW) PT Raised to $42.00 at Argus
Corning (NYSE:GLW) had its price objective increased by Argus from $36.00 to $42.00 in a research note published on Thursday, September 20th, The Fly reports. Argus currently has a positive rating on the electronics maker’s stock.
A number of other brokerages have also recently commented on GLW. Citigroup raised shares of Corning from a neutral rating to a buy rating and raised their price objective for the stock from $32.50 to $40.00 in a research note on Friday, September 14th. TheStreet upgraded Corning from a c+ rating to a b rating in a research report on Wednesday, July 25th. Guggenheim reiterated a buy rating on shares of Corning in a research report on Wednesday, July 25th. Goldman Sachs Group upgraded Corning from a sell rating to a neutral rating and set a $29.00 target price on the stock in a research report on Wednesday, June 20th. Finally, Zacks Investment Research upgraded Corning from a hold rating to a buy rating and set a $31.00 target price on the stock in a research report on Tuesday, June 26th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus price target of $36.10.
Shares of NYSE GLW opened at $32.13 on Thursday. The company has a market cap of $28.59 billion, a PE ratio of 18.68, a PEG ratio of 2.49 and a beta of 1.35. Corning has a 12 month low of $26.11 and a 12 month high of $36.56. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.58 and a current ratio of 2.23.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 16th will be issued a $0.18 dividend. The ex-dividend date is Thursday, November 15th. This represents a $0.72 dividend on an annualized basis and a yield of 2.24%. Corning’s payout ratio is currently 41.86%.
In other Corning news, CEO Wendell P. Weeks sold 237,470 shares of the firm’s stock in a transaction on Thursday, August 2nd. The stock was sold at an average price of $32.87, for a total value of $7,805,638.90. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Edward A. Schlesinger sold 3,953 shares of the firm’s stock in a transaction on Monday, July 30th. The shares were sold at an average price of $33.46, for a total value of $132,267.38. Following the completion of the transaction, the vice president now owns 25,991 shares in the company, valued at approximately $869,658.86. The disclosure for this sale can be found here. Insiders sold a total of 414,272 shares of company stock worth $13,759,300 in the last 90 days. 0.46% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in GLW. Bank of Montreal Can purchased a new position in shares of Corning during the 2nd quarter worth $30,286,000. Levin Capital Strategies L.P. raised its holdings in shares of Corning by 23.2% during the 1st quarter. Levin Capital Strategies L.P. now owns 5,620,258 shares of the electronics maker’s stock worth $156,693,000 after acquiring an additional 1,057,746 shares during the period. Janus Henderson Group PLC raised its holdings in shares of Corning by 20.2% during the 2nd quarter. Janus Henderson Group PLC now owns 5,868,673 shares of the electronics maker’s stock worth $161,450,000 after acquiring an additional 986,397 shares during the period. BlackRock Inc. raised its holdings in shares of Corning by 1.5% during the 1st quarter. BlackRock Inc. now owns 54,625,668 shares of the electronics maker’s stock worth $1,522,963,000 after acquiring an additional 803,539 shares during the period. Finally, Gateway Investment Advisers LLC purchased a new position in shares of Corning during the 2nd quarter worth $21,384,000. Institutional investors own 70.38% of the company’s stock.
Corning Company Profile
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
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