Corning (NYSE:GLW) Now Covered by Mizuho

Research analysts at Mizuho began coverage on shares of Corning (NYSE:GLW) in a note issued to investors on Tuesday, Briefing.com reports. The firm set a “neutral” rating and a $36.00 price target on the electronics maker’s stock. Mizuho’s price objective indicates a potential upside of 7.66% from the company’s previous close.

A number of other analysts have also recently issued reports on the company. Morgan Stanley reissued an “overweight” rating and set a $35.00 price objective on shares of Corning in a report on Monday, April 22nd. HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective on the stock. in a report on Thursday, February 1st. Barclays raised their price target on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Finally, JPMorgan Chase & Co. raised their price target on Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $35.00.

Corning Trading Down 0.8 %

Shares of Corning stock opened at $33.44 on Tuesday. The stock has a fifty day simple moving average of $32.38 and a 200 day simple moving average of $30.69. Corning has a 12-month low of $25.26 and a 12-month high of $36.01. The company has a market capitalization of $28.65 billion, a P/E ratio of 47.10, a price-to-earnings-growth ratio of 1.71 and a beta of 1.07. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02. The company had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.41 EPS. On average, sell-side analysts anticipate that Corning will post 1.9 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP John Z. Zhang sold 12,546 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the transaction, the senior vice president now directly owns 11,355 shares in the company, valued at approximately $379,484.10. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP John Z. Zhang sold 12,546 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total value of $419,287.32. Following the transaction, the senior vice president now directly owns 11,355 shares in the company, valued at $379,484.10. The disclosure for this sale can be found here. Insiders have sold a total of 119,988 shares of company stock worth $3,984,964 in the last ninety days. 0.45% of the stock is owned by insiders.

Institutional Investors Weigh In On Corning

Hedge funds have recently made changes to their positions in the company. Peoples Bank KS bought a new stake in shares of Corning during the third quarter valued at approximately $25,000. OFI Invest Asset Management bought a new stake in shares of Corning during the third quarter valued at approximately $25,000. Cape Investment Advisory Inc. boosted its position in shares of Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 800 shares in the last quarter. SRS Capital Advisors Inc. boosted its position in shares of Corning by 232.9% during the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 652 shares in the last quarter. Finally, Access Investment Management LLC bought a new stake in shares of Corning during the first quarter valued at approximately $28,000. 69.80% of the stock is currently owned by institutional investors.

About Corning

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.