Corning (NYSE:GLW) Raised to “Buy” at HSBC

Corning (NYSE:GLW) was upgraded by investment analysts at HSBC from a “hold” rating to a “buy” rating in a report issued on Thursday, MarketBeat Ratings reports. The firm currently has a $60.00 price objective on the electronics maker’s stock, up from their prior price objective of $51.00. HSBC’s price objective would indicate a potential upside of 15.15% from the stock’s current price.

A number of other research analysts also recently weighed in on the stock. Citigroup upped their price objective on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. UBS Group upped their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Oppenheimer reissued an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft upped their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Corning Stock Up 4.2 %

Shares of GLW stock opened at $52.11 on Thursday. Corning has a twelve month low of $30.72 and a twelve month high of $55.33. The stock has a market cap of $44.61 billion, a P/E ratio of 89.84, a P/E/G ratio of 1.35 and a beta of 1.04. The stock has a 50 day moving average of $48.71 and a 200 day moving average of $45.63. 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 posted its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.01%. As a group, sell-side analysts expect that Corning will post 2.3 EPS for the current year.

Insider Transactions at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares in the company, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,085 shares of company stock valued at $787,836. Corporate insiders own 0.40% of the company’s stock.

Hedge Funds Weigh In On Corning

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sound Income Strategies LLC raised its holdings in shares of Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after purchasing an additional 227 shares in the last quarter. Sierra Ocean LLC purchased a new stake in Corning during the 4th quarter valued at approximately $25,000. Asset Planning Inc acquired a new stake in shares of Corning during the fourth quarter worth $29,000. City Holding Co. lifted its stake in shares of Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 600 shares during the period. Finally, Rosenberg Matthew Hamilton lifted its position in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 500 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

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.