Fintel reports that on May 7, 2024, Mizuho initiated coverage of Corning (NYSE:GLW) with a Neutral recommendation.

Analyst Price Forecast Suggests 6.15% Upside

As of May 2, 2024, the average one-year price target for Corning is 35.50. The forecasts range from a low of 29.29 to a high of $42.00. The average price target represents an increase of 6.15% from its latest reported closing price of 33.44.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Corning is 16,283MM, an increase of 31.47%. The projected annual non-GAAP EPS is 2.64.

Corning Declares $0.28 Dividend

On February 7, 2024 the company declared a regular quarterly dividend of $0.28 per share ($1.12 annualized). Shareholders of record as of February 29, 2024 received the payment on March 28, 2024. Previously, the company paid $0.28 per share.

At the current share price of 33.44 / share, the stocks dividend yield is {1}%.

The current dividend yield is 0.61 standard deviations above the historical average.

Additionally, the companys dividend payout ratio is {0}. The payout ratio tells us how much of a companys income is paid out in dividends. A payout ratio of one (1.0) means 100% of the companys income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The companys 3-Year dividend growth rate is {0}%, demonstrating that it has increased its dividend over time.

What is the Fund Sentiment?

There are 1,901 funds or institutions reporting positions in Corning. This is an increase of 68 owner(s) or 3.71% in the last quarter. Average portfolio weight of all funds dedicated to GLW is 0.23%, an increase of 5.27%. Total shares owned by institutions increased in the last three months by 2.27% to 657,866K shares. The put/call ratio of GLW is 0.50, indicating a bullish outlook.

What are Other Shareholders Doing?

Wellington Management Group Llp holds 31,313K shares representing 3.66% ownership of the company. In its prior filing, the firm reported owning 28,715K shares , representing an increase of 8.30%. The firm decreased its portfolio allocation in GLW by 85.40% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 24,073K shares representing 2.81% ownership of the company. In its prior filing, the firm reported owning 23,848K shares , representing an increase of 0.93%. The firm decreased its portfolio allocation in GLW by 9.85% over the last quarter.

VFINX - Vanguard 500 Index Fund Investor Shares holds 18,756K shares representing 2.19% ownership of the company. In its prior filing, the firm reported owning 18,460K shares , representing an increase of 1.58%. The firm decreased its portfolio allocation in GLW by 10.31% over the last quarter.

Jpmorgan Chase holds 18,025K shares representing 2.10% ownership of the company. In its prior filing, the firm reported owning 17,020K shares , representing an increase of 5.57%. The firm decreased its portfolio allocation in GLW by 7.84% over the last quarter.

Ameriprise Financial holds 17,942K shares representing 2.09% ownership of the company. In its prior filing, the firm reported owning 17,615K shares , representing an increase of 1.82%. The firm decreased its portfolio allocation in GLW by 83.13% over the last quarter.

Corning Background Information
(This description is provided by the company.)

Corning is one of the world's leading innovators in materials science, with a 169-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic science, and optical physics along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people's lives. Corning succeeds through sustained investment in RD&E, a unique combination of material and process innovation, and deep, trust-based relationships with customers who are global leaders in their industries. Corning's capabilities are versatile and synergistic, which allows the company to evolve to meet changing market needs, while also helping our customers capture new opportunities in dynamic industries. Today, Corning's markets include optical communications, mobile consumer electronics, display, automotive, and life sciences.