StockNews.com Upgrades Corning (NYSE:GLW) to Buy

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

Other equities analysts have also issued research reports about the company. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft raised their price target on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. boosted their price target on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Finally, UBS Group increased their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Trading Up 1.3 %

Shares of NYSE GLW opened at $49.77 on Wednesday. The stock has a market capitalization of $42.61 billion, a PE ratio of 292.76, a PEG ratio of 1.57 and a beta of 1.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock has a fifty day simple moving average of $47.13 and a 200-day simple moving average of $42.85. Corning has a twelve month low of $28.63 and a twelve month high of $51.03.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the company earned $0.45 EPS. Corning’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities analysts forecast that Corning will post 1.95 earnings per share for the current year.

Insider Activity at Corning

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were 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 approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Beaird Harris Wealth Management LLC raised its holdings in shares of Corning by 105.1% in the 3rd quarter. Beaird Harris Wealth Management LLC now owns 3,259 shares of the electronics maker’s stock worth $147,000 after purchasing an additional 1,670 shares during the period. Franklin Resources Inc. increased its position in Corning by 48.4% during the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock worth $8,975,000 after purchasing an additional 62,514 shares in the last quarter. Peapack Gladstone Financial Corp raised its holdings in Corning by 0.7% in the third quarter. Peapack Gladstone Financial Corp now owns 51,821 shares of the electronics maker’s stock valued at $2,339,000 after buying an additional 350 shares during the period. Synovus Financial Corp lifted its position in Corning by 65.4% during the third quarter. Synovus Financial Corp now owns 20,110 shares of the electronics maker’s stock valued at $908,000 after buying an additional 7,952 shares in the last quarter. Finally, Tidal Investments LLC grew its stake in Corning by 15.9% during the third quarter. Tidal Investments LLC now owns 41,535 shares of the electronics maker’s stock worth $1,875,000 after buying an additional 5,713 shares during the period. 69.80% of the stock is 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.