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

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

Other equities research analysts have also issued research reports about the company. Susquehanna lifted their price objective on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Bank of America lifted their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. JPMorgan Chase & Co. upped their price target on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Oppenheimer reiterated an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, Barclays increased their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Stock Down 0.5 %

Shares of NYSE:GLW traded down $0.26 during midday trading on Tuesday, hitting $48.00. 3,926,550 shares of the company’s stock were exchanged, compared to its average volume of 5,650,605. Corning has a 12 month low of $27.57 and a 12 month high of $51.03. The company has a market cap of $41.10 billion, a PE ratio of 282.35, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. 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 stock has a 50 day moving average price of $46.53 and a 200-day moving average price of $42.28.

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

Insider Buying and Selling

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.45% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corning

Hedge funds and other institutional investors have recently made changes to their positions in the business. SVB Wealth LLC boosted its position in Corning by 7.0% during the 1st quarter. SVB Wealth LLC now owns 10,479 shares of the electronics maker’s stock valued at $345,000 after acquiring an additional 689 shares in the last quarter. B. Riley Wealth Advisors Inc. grew its stake in Corning by 5.5% in the first quarter. B. Riley Wealth Advisors Inc. now owns 68,309 shares of the electronics maker’s stock worth $2,081,000 after purchasing an additional 3,540 shares during the period. Tidal Investments LLC grew its stake in Corning by 8.6% in the first quarter. Tidal Investments LLC now owns 50,265 shares of the electronics maker’s stock worth $1,657,000 after purchasing an additional 3,996 shares during the period. Comerica Bank raised its holdings in Corning by 1.8% in the first quarter. Comerica Bank now owns 697,872 shares of the electronics maker’s stock worth $23,002,000 after purchasing an additional 12,532 shares in the last quarter. Finally, Advisory Resource Group purchased a new position in Corning during the first quarter valued at $225,000. Institutional investors 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.