Corning Incorporated (NYSE:GLW) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Corning Incorporated (NYSE:GLW) have been assigned a consensus recommendation of “Moderate Buy” from the fourteen brokerages that are presently covering the company, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $50.77.

Several brokerages have recently weighed in on GLW. Morgan Stanley boosted their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Oppenheimer reissued an “outperform” rating and set a $58.00 price objective (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Bank of America upped their target price on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Susquehanna lifted their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was 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 in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value of $435,722.84. The disclosure for this sale can be found here. Insiders own 0.45% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in GLW. Acadian Asset Management LLC boosted its position in Corning by 384.5% in the 2nd quarter. Acadian Asset Management LLC now owns 16,779 shares of the electronics maker’s stock valued at $650,000 after buying an additional 13,316 shares during the period. Choreo LLC acquired a new position in Corning during the 2nd quarter worth $733,000. LPL Financial LLC grew its stake in Corning by 10.4% during the 2nd quarter. LPL Financial LLC now owns 1,085,095 shares of the electronics maker’s stock worth $42,156,000 after purchasing an additional 102,418 shares in the last quarter. BOKF NA raised its position in Corning by 104.8% in the 2nd quarter. BOKF NA now owns 84,387 shares of the electronics maker’s stock valued at $3,278,000 after purchasing an additional 43,173 shares in the last quarter. Finally, Vest Financial LLC raised its position in Corning by 4.4% in the 2nd quarter. Vest Financial LLC now owns 10,740 shares of the electronics maker’s stock valued at $417,000 after purchasing an additional 452 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Up 0.9 %

NYSE GLW opened at $49.24 on Friday. The business has a fifty day moving average price of $47.92 and a 200 day moving average price of $44.92. 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 cap of $42.16 billion, a P/E ratio of 289.64, a P/E/G ratio of 1.28 and a beta of 1.04. Corning has a one year low of $29.71 and a one year high of $51.03.

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

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.