Corning (NYSE:GLW) Stock Rating Lowered by StockNews.com

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

GLW has been the subject of several other reports. Oppenheimer reiterated an “outperform” rating and set a $58.00 price target (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Barclays raised their target price on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Susquehanna increased their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Finally, UBS Group raised their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.77.

Corning Price Performance

Shares of NYSE:GLW opened at $47.76 on Monday. Corning has a twelve month low of $29.71 and a twelve month high of $51.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The company has a market cap of $40.89 billion, a PE ratio of 280.94, a price-to-earnings-growth ratio of 1.54 and a beta of 1.03. The company’s 50 day moving average is $47.71 and its 200 day moving average is $43.58.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.45 earnings per share. On average, sell-side analysts forecast that Corning will post 1.95 EPS for the current year.

Insider Activity at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the 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 of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction dated Monday, November 25th. The shares were 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. 0.40% of the stock is currently owned by insiders.

Institutional Trading of Corning

Several hedge funds have recently made changes to their positions in GLW. B. Riley Wealth Advisors Inc. lifted its holdings in Corning by 39.7% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 91,821 shares of the electronics maker’s stock worth $4,130,000 after buying an additional 26,097 shares in the last quarter. Beaird Harris Wealth Management LLC increased its position in shares of Corning by 105.1% during the third quarter. Beaird Harris Wealth Management LLC now owns 3,259 shares of the electronics maker’s stock worth $147,000 after acquiring an additional 1,670 shares during the period. Franklin Resources Inc. raised its stake in shares of Corning by 48.4% in the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock valued at $8,975,000 after acquiring an additional 62,514 shares in the last quarter. Peapack Gladstone Financial Corp boosted its holdings in Corning by 0.7% in the third quarter. Peapack Gladstone Financial Corp now owns 51,821 shares of the electronics maker’s stock valued at $2,339,000 after purchasing an additional 350 shares during the period. Finally, Synovus Financial Corp grew its stake in Corning by 65.4% during the 3rd quarter. Synovus Financial Corp now owns 20,110 shares of the electronics maker’s stock worth $908,000 after purchasing an additional 7,952 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

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.