Corning (NYSE:GLW) Downgraded by StockNews.com to Hold

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

A number of other equities analysts have also weighed in on the stock. Oppenheimer restated an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Susquehanna upped their price target on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. UBS Group boosted their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, Mizuho raised Corning from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.08.

Corning Stock Down 0.5 %

GLW stock traded down $0.26 during midday trading on Tuesday, hitting $48.00. The company’s stock had a trading volume of 3,926,550 shares, compared to its average volume of 5,650,605. The company has a market cap of $41.10 billion, a PE ratio of 282.35, a P/E/G ratio of 1.55 and a beta of 1.03. The firm’s 50-day moving average is $46.53 and its 200-day moving average is $42.28. Corning has a 12 month low of $27.57 and a 12 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.

Corning (NYSE:GLW) last issued its quarterly earnings results 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 net margin of 1.24% and a return on equity of 13.45%. The business had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the firm earned $0.45 earnings per share. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, equities research analysts forecast that Corning will post 1.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Corning

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their position. 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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GLW. Peapack Gladstone Financial Corp raised its stake in shares of Corning by 0.7% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 51,821 shares of the electronics maker’s stock valued at $2,339,000 after buying an additional 350 shares during the last quarter. Synovus Financial Corp boosted its holdings in Corning by 65.4% during the third quarter. Synovus Financial Corp now owns 20,110 shares of the electronics maker’s stock worth $908,000 after buying an additional 7,952 shares in the last quarter. Tidal Investments LLC grew its position in Corning by 15.9% during the third quarter. Tidal Investments LLC now owns 41,535 shares of the electronics maker’s stock valued at $1,875,000 after buying an additional 5,713 shares during the period. Destination Wealth Management purchased a new position in Corning in the third quarter valued at $445,000. Finally, Wilmington Savings Fund Society FSB boosted its stake in shares of Corning by 3.0% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 365,612 shares of the electronics maker’s stock worth $16,507,000 after acquiring an additional 10,689 shares in the last quarter. Hedge funds and other institutional investors 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.