Analysts At Citigroup Upgraded Corning Incorporated GLW (NYSE:GLW) To Neutral
- Author: Zachary Reyes Apr 06, 2017,
Apr 06, 2017, 21:00
On Monday analysts at Citigroup upgraded Corning Incorporated GLW's (NYSE:GLW) shares to "Neutral" in a research note issued to investors. As per Wednesday, October 28, the company rating was maintained by RBC Capital Markets. Cacti Asset Management LLC owned approximately 0.19% of Corning worth $48,420,000 at the end of the most recent reporting period. It dropped, as 3 investors sold Appliance Recycling Centers of America shares while 1 reduced holdings. BKS Advisors LLC purchased a new stake in Corning during the third quarter worth about $103,000. Investors might also notice that three month ago the Buy recommendations (8) outnumbered Sell recommendations (2). Massmutual Trust Co. FSB ADV bought a new position in shares of Corning during the fourth quarter worth $166,000.
Its last month's stock price volatility remained 1.56% which for the week stands at 1.36%. BlackRock Japan Co. Ltd increased its stake in shares of Corning by 0.6% in the third quarter. If the share price is now hovering near the 52 week low and the value is achieved in the current past then it can suggest that the price of the shares is likely to go up. Following the completion of the sale, the vice president now directly owns 98,245 shares in the company, valued at approximately $2,764,614.30.
Shares of Corning (NYSE:GLW) opened at 26.84 on Friday. The stock had a trading volume of 3,890,768 shares. The stock is now trading with a distance of 20-Day Simple Moving Average (SMA20) of -2%. The Market Capitalization of the company stands at 25.28 Billion.
Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, January 24th. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.44 by $0.06.
The company's expected revenue in the current quarter to be 2.37 Billion, seeing a projected current quarter growth of 25%, and per annum growth estimates over the next 5 year period of around 8.9%. Corning had a return on equity of 10.90% and a net margin of 39.35%. The firm's revenue was up 6.2% on a year-over-year basis. (CBL) is its Earnings per Share or EPS.
Many analysts are providing their Estimated Earnings analysis for Corning Inc. and for the current quarter 17 analysts have projected that the stock could give an Average Earnings estimate of $0.35/share.
The company also recently announced a quarterly dividend, which was paid on Friday, March 31st. This is an increase from Corning's previous quarterly dividend of $0.14.
The stock now has its Annual Dividend of $0.62 and an annual Dividend Yield of 2.31 Percent. The ex-dividend date of this dividend was Friday, February 24th. Allianz Asset Mngmt Ag has invested 0.21% in Corning Incorporated (NYSE:GLW). If you are reading this report on another website, it was copied illegally and reposted in violation of U.S. & worldwide trademark & copyright laws.
Corning Incorporated was downgraded to "neutral" by analysts at Citigroup. They now have $29.00 target price on the stock, up from their previous target price of $28.00. Susquehanna Bancshares Inc reiterated a "positive" rating and issued a $31.00 price objective (down from $32.00) on shares of Corning in a report on Tuesday, March 21st. They now have a United States dollars 28 price target on the stock. The average volume of a stock suggests the liquidity of a particular company. The company has a consensus rating of "Hold" and an average price target of $25.97.
The stock decreased 0.63% or $0.17 during the last trading session, reaching $26.84. It has outperformed by 111.98% the S&P500.The move comes after 6 months positive chart setup for the $321.91 million company. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 3,849,540 shares of the stock were exchanged. The stock was sold at an average price of $28.01, for a total value of $4,299,535.00. The disclosure for this sale can be found here. Morgan Stanley now owns 13,124,835 shares of the company's stock worth $310,404,000 after buying an additional 8,290,981 shares during the last quarter.
The dominant statistics will authorize the investment community to govern the size of Corning Incorporated compared to the sales or total assets figures. The Company's divisions include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment makes glass substrates for flat panel liquid crystal displays.