Corning Incorporated (GLW) Downgraded by BidaskClub to “Hold”
Corning Incorporated (NYSE:GLW) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.
Several other equities analysts have also issued reports on GLW. Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a report on Friday, April 21st. Drexel Hamilton boosted their price target on shares of Corning from $14.50 to $17.50 and gave the company a “sell” rating in a report on Wednesday, April 26th. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and issued a $29.00 price target on shares of Corning in a report on Wednesday, April 26th. Susquehanna Bancshares Inc reaffirmed a “positive” rating and issued a $33.00 price objective (up from $32.00) on shares of Corning in a research report on Wednesday, April 26th. Finally, Jefferies Group LLC boosted their price objective on shares of Corning from $24.50 to $27.50 and gave the company a “hold” rating in a research report on Friday, April 28th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $28.08.
Shares of Corning (NYSE:GLW) traded up 0.04% during mid-day trading on Friday, hitting $27.88. The company had a trading volume of 5,178,017 shares. Corning has a one year low of $22.14 and a one year high of $32.17. The firm’s 50-day moving average price is $30.00 and its 200 day moving average price is $28.60. The company has a market capitalization of $25.18 billion, a P/E ratio of 12.45 and a beta of 1.40.
Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The company had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same quarter in the previous year, the business earned $0.37 EPS. The firm’s revenue was up 6.1% on a year-over-year basis. Analysts predict that Corning will post $1.71 earnings per share for the current fiscal year.
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In other news, insider Clark S. Kinlin sold 40,717 shares of the company’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $29.62, for a total value of $1,206,037.54. Following the sale, the insider now directly owns 72,707 shares of the company’s stock, valued at approximately $2,153,581.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Lisa Ferrero sold 56,500 shares of the company’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $29.09, for a total transaction of $1,643,585.00. Following the completion of the sale, the insider now directly owns 16,808 shares in the company, valued at $488,944.72. The disclosure for this sale can be found here. Insiders have sold a total of 357,700 shares of company stock worth $10,519,405 over the last three months. Insiders own 0.59% of the company’s stock.
Large investors have recently modified their holdings of the stock. Clark Capital Management Group Inc. purchased a new stake in shares of Corning during the first quarter worth about $14,879,000. AXA boosted its stake in shares of Corning by 7.1% in the first quarter. AXA now owns 261,015 shares of the electronics maker’s stock worth $7,047,000 after buying an additional 17,315 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Corning by 0.5% in the first quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock worth $1,650,659,000 after buying an additional 326,877 shares during the last quarter. Amalgamated Bank boosted its stake in shares of Corning by 6.1% in the first quarter. Amalgamated Bank now owns 66,875 shares of the electronics maker’s stock worth $1,806,000 after buying an additional 3,862 shares during the last quarter. Finally, DnB Asset Management AS boosted its stake in shares of Corning by 10.6% in the first quarter. DnB Asset Management AS now owns 110,995 shares of the electronics maker’s stock worth $2,997,000 after buying an additional 10,600 shares during the last quarter. 73.87% of the stock is currently owned by institutional investors.
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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