Corning (NYSE:GLW) Rating Increased to Buy at HSBC

HSBC upgraded shares of Corning (NYSE:GLW) from a hold rating to a buy rating in a report issued on Thursday morning, MarketBeat reports. The firm currently has $60.00 price objective on the electronics maker’s stock, up from their previous price objective of $51.00.

GLW has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Morgan Stanley lifted their price target on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Citigroup increased their price objective on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. JPMorgan Chase & Co. boosted their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Finally, Barclays cut their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Corning Stock Performance

NYSE GLW opened at $49.93 on Thursday. The company has a market cap of $42.75 billion, a P/E ratio of 86.08, a PEG ratio of 1.35 and a beta of 1.04. The company has a fifty day simple moving average of $48.67 and a 200 day simple moving average of $45.60. 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 has a 12-month low of $30.72 and a 12-month high of $55.33.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.01% and a net margin of 3.86%. Sell-side analysts predict that Corning will post 2.3 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was 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 owns 6,700 shares of the company’s stock, valued at $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Institutional Trading of Corning

Institutional investors have recently bought and sold shares of the company. Principal Securities Inc. lifted its stake in Corning by 3.5% during the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock valued at $293,000 after acquiring an additional 211 shares during the period. West Oak Capital LLC lifted its position in Corning by 0.4% during the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after purchasing an additional 215 shares during the period. Bogart Wealth LLC boosted its holdings in Corning by 18.3% in the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock worth $67,000 after purchasing an additional 219 shares during the last quarter. Buffington Mohr McNeal grew its position in Corning by 2.1% in the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock worth $497,000 after purchasing an additional 220 shares during the period. Finally, Allworth Financial LP raised its stake in Corning by 1.1% during the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock valued at $930,000 after buying an additional 220 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

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.