Corning (NYSE:GLW) Rating Lowered to Hold at StockNews.com

Corning (NYSE:GLW) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Monday.

A number of other brokerages also recently commented on GLW. Oppenheimer reiterated an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. JPMorgan Chase & Co. upped their price objective on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. UBS Group increased their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Bank of America boosted their target price on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Finally, Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and increased their price target 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 given a buy rating to the company. Based on data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average price target of $50.08.

Corning Stock Up 0.1 %

GLW stock traded up $0.03 during mid-day trading on Monday, reaching $48.18. The company had a trading volume of 4,279,364 shares, compared to its average volume of 5,549,628. The firm has a fifty day simple moving average of $47.65 and a 200 day simple moving average of $43.50. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The company has a market capitalization of $41.25 billion, a price-to-earnings ratio of 283.41, a price-to-earnings-growth ratio of 1.54 and a beta of 1.03. Corning has a fifty-two week low of $29.71 and a fifty-two week high of $51.03.

Corning (NYSE:GLW) last issued its 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 firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter last year, the company earned $0.45 earnings per share. The firm’s revenue was up 6.9% compared to the same quarter last year. Analysts forecast that Corning will post 1.95 earnings per share for the current fiscal year.

Insider Activity at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction dated Friday, November 22nd. The shares were 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 of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

Institutional Trading of Corning

Institutional investors have recently modified their holdings of the business. City Holding Co. lifted its holdings in Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 600 shares during the period. Cassady Schiller Wealth Management LLC purchased a new stake in Corning during the third quarter worth about $39,000. RPg Family Wealth Advisory LLC acquired a new position in Corning during the third quarter worth about $40,000. Global Trust Asset Management LLC increased its holdings in Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after buying an additional 900 shares in the last quarter. Finally, Venturi Wealth Management LLC lifted its position in shares of Corning by 90.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock valued at $45,000 after acquiring an additional 473 shares during the period. 69.80% of the stock is currently 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.