Corning (NYSE:GLW – Get Free Report) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Sunday.
A number of other analysts have also weighed in on GLW. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a report on Thursday, February 1st. Barclays raised their price target on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. Finally, UBS Group raised their target price on shares of Corning from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Thursday, January 11th. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Corning currently has an average rating of “Hold” and an average price target of $32.88.
Corning Stock Down 1.7 %
Shares of GLW traded down $0.56 during mid-day trading on Friday, hitting $32.57. 4,104,467 shares of the company’s stock were exchanged, compared to its average volume of 4,731,325. Corning has a 52 week low of $25.26 and a 52 week high of $36.01. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The company has a 50-day simple moving average of $31.97 and a 200 day simple moving average of $30.23. The company has a market cap of $27.80 billion, a PE ratio of 48.61, a P/E/G ratio of 1.86 and a beta of 1.08.
Corning (NYSE:GLW – Get Free Report) last released its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting the consensus estimate of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The company had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same period in the previous year, the business posted $0.47 earnings per share. The business’s quarterly revenue was down 12.1% compared to the same quarter last year. On average, research analysts forecast that Corning will post 1.86 earnings per share for the current fiscal year.
Insider Transactions at Corning
In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.40% of the company’s stock.
Institutional Trading of Corning
A number of large investors have recently made changes to their positions in the stock. Peoples Bank KS acquired a new position in shares of Corning in the 3rd quarter worth approximately $25,000. OFI Invest Asset Management acquired a new stake in shares of Corning in the third quarter worth about $25,000. Janiczek Wealth Management LLC increased its stake in Corning by 173.6% during the third quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock valued at $27,000 after acquiring an additional 571 shares during the period. Cape Investment Advisory Inc. grew its stake in shares of Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 800 shares during the period. Finally, Pacifica Partners Inc. bought a new stake in Corning during the 3rd quarter worth approximately $28,000. Institutional investors and hedge funds own 67.74% of the company’s stock.
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.