Corning Incorporated (NYSE:GLW)‘s stock had its “hold” rating restated by research analysts at Jefferies Group LLC in a research note issued on Friday, October 6th. They presently have a $29.50 price target on the electronics maker’s stock. Jefferies Group LLC’s target price would suggest a potential downside of 0.57% from the company’s previous close.
A number of other research firms also recently commented on GLW. Drexel Hamilton reaffirmed a “sell” rating and set a $17.50 price objective on shares of Corning in a research note on Wednesday, July 26th. Susquehanna Bancshares Inc reaffirmed a “positive” rating on shares of Corning in a research note on Thursday, July 13th. Vetr raised shares of Corning from a “sell” rating to a “buy” rating and set a $33.69 target price for the company in a research report on Wednesday, June 28th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Corning in a research report on Thursday, July 27th. Finally, Guggenheim restated a “buy” rating and issued a $35.00 price target on shares of Corning in a report on Thursday, September 21st. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $28.90.
Shares of Corning (NYSE:GLW) opened at 29.67 on Friday. The company has a market capitalization of $26.80 billion, a P/E ratio of 13.25 and a beta of 1.38. Corning has a 12 month low of $22.23 and a 12 month high of $32.17. The stock’s 50 day moving average is $29.55 and its 200 day moving average is $29.21.
Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, topping the consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The business had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same period in the previous year, the firm earned $0.37 EPS. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, equities analysts predict that Corning will post $1.69 EPS for the current fiscal year.
In other Corning news, insider Clark S. Kinlin sold 46,763 shares of Corning stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $28.53, for a total value of $1,334,148.39. Following the transaction, the insider now directly owns 72,039 shares of the company’s stock, valued at approximately $2,055,272.67. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of Corning stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $28.61, for a total value of $1,376,856.25. Following the completion of the transaction, the insider now directly owns 136,079 shares in the company, valued at $3,893,220.19. The disclosure for this sale can be found here. Insiders have sold a total of 127,888 shares of company stock valued at $3,653,485 over the last ninety days. Company insiders own 0.59% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of GLW. Eqis Capital Management Inc. grew its holdings in shares of Corning by 10.0% during the 3rd quarter. Eqis Capital Management Inc. now owns 40,464 shares of the electronics maker’s stock worth $1,211,000 after purchasing an additional 3,693 shares in the last quarter. Park National Corp OH boosted its stake in Corning by 6.6% in the 3rd quarter. Park National Corp OH now owns 868,186 shares of the electronics maker’s stock valued at $25,976,000 after buying an additional 54,118 shares in the last quarter. MPS Loria Financial Planners LLC acquired a new stake in Corning in the 2nd quarter valued at $112,000. Intl Fcstone Inc. raised its position in Corning by 49.8% in the 2nd quarter. Intl Fcstone Inc. now owns 17,435 shares of the electronics maker’s stock valued at $524,000 after purchasing an additional 5,793 shares during the last quarter. Finally, Lord Abbett & CO. LLC raised its position in Corning by 236.4% in the 2nd quarter. Lord Abbett & CO. LLC now owns 1,379,532 shares of the electronics maker’s stock valued at $41,455,000 after purchasing an additional 969,488 shares during the last quarter. 71.29% of the stock is currently owned by institutional investors.
Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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