Corning Incorporated (NYSE:GLW) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Corning Incorporated (NYSE:GLW) have been given an average recommendation of “Moderate Buy” by the fourteen analysts that are currently covering the stock, MarketBeat reports. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $50.77.

Several brokerages have weighed in on GLW. Morgan Stanley boosted their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Oppenheimer restated an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Bank of America upped their target price on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Finally, UBS Group upped their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th.

Insider Activity

In other Corning 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 value 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the 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. Corporate insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP raised its stake in shares of Corning by 0.3% in the third quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock worth $1,771,029,000 after buying an additional 133,214 shares during the period. State Street Corp raised its stake in shares of Corning by 3.8% in the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after buying an additional 1,242,718 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Corning by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock worth $401,826,000 after buying an additional 426,864 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Corning by 0.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock worth $219,116,000 after buying an additional 38,168 shares during the period. Finally, FMR LLC raised its stake in shares of Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after buying an additional 1,285,836 shares during the period. Institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

Shares of GLW stock opened at $47.02 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning has a fifty-two week low of $29.71 and a fifty-two week high of $51.03. The stock has a 50 day moving average price of $47.91 and a two-hundred day moving average price of $44.70. The company has a market capitalization of $40.26 billion, a P/E ratio of 276.59, a PEG ratio of 1.54 and a beta of 1.04.

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

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.