Corning (NYSE:GLW) Raised to B- at TheStreet

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Corning (NYSE:GLW) was upgraded by stock analysts at TheStreet from a “c+” rating to a “b-” rating in a research report issued to clients and investors on Friday, TheStreetRatingsTable reports.

Several other research analysts have also commented on GLW. Deutsche Bank lowered shares of Corning from a “buy” rating to a “hold” rating and cut their price target for the company from $33.00 to $30.00 in a report on Wednesday, October 30th. Morgan Stanley cut their price target on shares of Corning from $37.00 to $34.00 and set an “overweight” rating on the stock in a report on Wednesday, September 18th. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Friday, November 1st. JPMorgan Chase & Co. set a $30.00 price target on shares of Corning and gave the company a “hold” rating in a report on Tuesday, September 17th. Finally, Argus set a $42.00 price target on shares of Corning and gave the company a “buy” rating in a report on Wednesday, September 18th. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $32.64.

NYSE GLW traded down $0.07 during mid-day trading on Friday, hitting $29.87. The company’s stock had a trading volume of 650,625 shares, compared to its average volume of 5,111,909. Corning has a 52-week low of $26.75 and a 52-week high of $35.34. The stock’s fifty day simple moving average is $29.12 and its two-hundred day simple moving average is $30.26. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.71 and a quick ratio of 1.06. The firm has a market capitalization of $23.00 billion, a P/E ratio of 16.78, a price-to-earnings-growth ratio of 2.15 and a beta of 1.16.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.44 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.04. Corning had a net margin of 10.41% and a return on equity of 15.19%. The firm had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.87 billion. During the same quarter last year, the firm posted $0.51 earnings per share. Corning’s revenue for the quarter was down 2.5% compared to the same quarter last year. On average, equities analysts forecast that Corning will post 1.75 earnings per share for the current fiscal year.

In other Corning news, VP Christine M. Pambianchi sold 1,000 shares of the stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $29.78, for a total value of $29,780.00. Following the completion of the sale, the vice president now owns 58,036 shares of the company’s stock, valued at $1,728,312.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Clark S. Kinlin sold 9,667 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $27.94, for a total transaction of $270,095.98. Following the completion of the sale, the insider now directly owns 70,648 shares of the company’s stock, valued at approximately $1,973,905.12. The disclosure for this sale can be found here. Insiders sold 76,393 shares of company stock valued at $2,283,698 in the last ninety days. 0.46% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Nelson Roberts Investment Advisors LLC boosted its holdings in Corning by 31.7% in the second quarter. Nelson Roberts Investment Advisors LLC now owns 1,303 shares of the electronics maker’s stock worth $43,000 after purchasing an additional 314 shares during the period. We Are One Seven LLC lifted its stake in Corning by 1.0% in the second quarter. We Are One Seven LLC now owns 32,123 shares of the electronics maker’s stock valued at $1,067,000 after buying an additional 322 shares during the last quarter. Flagship Harbor Advisors LLC lifted its stake in Corning by 3.9% in the second quarter. Flagship Harbor Advisors LLC now owns 8,582 shares of the electronics maker’s stock valued at $285,000 after buying an additional 322 shares during the last quarter. Trust Co. of Vermont lifted its stake in Corning by 2.6% in the second quarter. Trust Co. of Vermont now owns 12,867 shares of the electronics maker’s stock valued at $428,000 after buying an additional 324 shares during the last quarter. Finally, Greenleaf Trust lifted its stake in Corning by 2.9% in the second quarter. Greenleaf Trust now owns 12,307 shares of the electronics maker’s stock valued at $409,000 after buying an additional 345 shares during the last quarter. 72.44% of the stock is owned by hedge funds and other institutional investors.

About Corning

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

Read More: Institutional Investors

Analyst Recommendations for Corning (NYSE:GLW)

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