The news of this boost in holdings comes as several research firms have issued their reports on GLW. Deutsche Bank Aktiengesellschaft, for instance, lowered the price target on Corning’s shares from $38.00 to $37.00 in a research report released on April 26th. UBS Group also downgraded Corning’s rating from “buy” to “neutral”, but concurrently raised their price target for the Stock from $38.00 to $39.00 in a report published on July 14th. In contrast, Morgan Stanley upgraded Corning’s rating from “equal weight” to “overweight”, and increased their price target from $35.00 to $38.00 in their June 9th report.
JPMorgan Chase & Co., another prominent research firm, significantly upped their price target for Corning from $40.00 to $42.00 while giving the stock an “overweight” rating on April 19th.
StockNews.com reported on May 18th that they had initiated coverage on Corning’s shares with a “hold” rating.
In total, four research analysts have assigned a hold rating to the stock while seven have given it a buy rating. According to data obtained from Bloomberg.com, there is currently a consensus rating of “Moderate Buy” for Corning, with an average price target of $38.67.
On Monday, GLW shares opened at $33.22. The company boasts a market capitalization of $28.24 billion and has a price to earnings ratio of 31.34. Additionally, it has a price/earnings-to-growth ratio of 2.24 and a beta coefficient of 1.09.
The company’s 50-day moving average is $33.18, while the 200-day moving average stands at $33.93. Corning Incorporated experienced a fifty-two week low of $28.98 and reached a fifty-two week high of $37.73.
Corning currently holds a debt-to-equity ratio of 0.55, indicating sound financial management by the company. It also possesses a current ratio of 1.44, demonstrating its ability to meet short-term obligations efficiently, and a quick ratio of 0.84.
Overall, these financials showcase Corning’s resilience in the electronics industry as well as its ability to attract major institutional investors like Sumitomo Mitsui DS Asset Management Company Ltd.
As we move further into July 2023, Corning Incorporated appears poised to carry its momentum forward through innovative product offerings and partnerships that will continue to drive growth within the sector.
Changing Investor Landscape and Recent Developments at Corning Inc
Corning Inc, a leading electronics maker, is experiencing significant changes in its investor landscape. Institutional investors have made notable adjustments to their positions in the company, with City Holding Co. increasing its share by 70.5% in the first quarter. This resulted in City Holding Co. now owning 747 shares of Corning stock, amounting to $26,000 after purchasing an additional 309 shares in the last quarter.
Similarly, CVA Family Office LLC saw a major surge in its position in Corning by 563.6% during the first quarter. As a result, they now own 730 shares of Corning stock worth $26,000 after acquiring an additional 620 shares.
Other investors such as Arcus Capital Partners LLC., Pinnacle Bancorp Inc., and Carmel Capital Partners LLC also purchased new stakes in Corning during Q1 of this year amounting to $32,000 each.
Collectively, institutional investors now hold ownership of approximately 68.38% of the company’s stock.
In recent news related to Corning, Vice President Michael Alan Bell sold a significant amount of the firm’s stock on June 16th. The transaction involved him selling 35,045 shares at an average price of $35.00 per share for a total transaction value of $1,226,575.00. This sale was made publicly known through a filing with the Securities and Exchange Commission (SEC).
Another executive at Corning, SVP Cheryl C. Capps sold 28,574 shares on May 1st at an average price of $33.14 per share for a total transaction value of $946,942.36.
It is worth noting that over the past three months, insiders at Corning have sold a total of 161,334 shares valued at $5,294,350 equating to hold approximately 0.40% stake in company stock.
Several research firms have also issued reports on Corning. Deutsche Bank Aktiengesellschaft recently dropped its price target for the stock from $38.00 to $37.00, followed by UBS Group lowering their rating from “buy” to “neutral”, while increasing the price target from $38.00 to $39.00.
On the other hand, Morgan Stanley raised their rating for the stock from “equal weight” to “overweight”, increasing their price target from $35.00 to $38.00.
JPMorgan Chase & Co. also upped their price target on Corning’s stock from $40.00 to $42.00 and gave it an “overweight” rating.
As of July 24, 2023, based on data collected from Bloomberg.com, Corning has received a consensus rating of “Moderate Buy” by four research analysts, with an average price target of $38.67.
Corning Inc recently released its quarterly earnings results on April 25th revealing that it exceeded analysts’ consensus estimate of $0.39 earnings per share (EPS) by reporting an EPS of $0.41 for the quarter.
Despite a net margin of 6.66% and a return on equity of 13.99%, Corning experienced a decline in revenue during this period compared to the same quarter last year, with revenues standing at $3.37 billion against analyst estimates of $3.35 billion.
Equities analysts forecast that Corning Incorporated will post an EPS of 1.93 for the current fiscal year.
To provide added value to investors, Corning recently announced a quarterly dividend which will be paid on September 28th and is set at $0.28 per share for investors registered on August 31st.
This dividend represents an annualized basis dividend payout ratio of 105.66% and a yield of 3.37%. Corning’s ex-dividend date is scheduled for August 30th.
These recent developments exemplify the complex and dynamic nature of the investment landscape surrounding Corning Incorporated.
The post Corning Incorporated Demonstrates Strong Performance and Attracts Institutional Investor with Increased Holdings appeared first on Best Stocks.
