StockNews.com Downgrades Corning (NYSE:GLW) to Hold

Corning (NYSE:GLW) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

Several other equities analysts also recently weighed in on GLW. UBS Group raised their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Oppenheimer reissued an “outperform” rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Bank of America raised their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Deutsche Bank Aktiengesellschaft raised their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Stock Performance

NYSE GLW opened at $48.22 on Tuesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The business has a 50 day moving average price of $46.62 and a 200 day moving average price of $42.32. The company has a market capitalization of $41.29 billion, a P/E ratio of 283.65, a PEG ratio of 1.54 and a beta of 1.03. Corning has a 1-year low of $27.57 and a 1-year high of $51.03.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. Corning’s revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 earnings per share. Sell-side analysts expect that Corning will post 1.95 EPS for the current fiscal year.

Insider Activity at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares in the company, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. 0.45% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. West Oak Capital LLC increased its position in shares of Corning by 0.4% during the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after acquiring an additional 215 shares during the last quarter. Lake Street Advisors Group LLC increased its position in shares of Corning by 4.5% during the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after acquiring an additional 232 shares during the last quarter. SteelPeak Wealth LLC increased its position in shares of Corning by 3.3% during the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock worth $338,000 after acquiring an additional 239 shares during the last quarter. Grove Bank & Trust increased its position in shares of Corning by 21.5% during the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after acquiring an additional 250 shares during the last quarter. Finally, Brown Lisle Cummings Inc. increased its position in shares of Corning by 1.5% during the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock worth $770,000 after acquiring an additional 250 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

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.