Corning Incorporated (GLW) Stock Rating Reaffirmed by Guggenheim
Corning Incorporated (NYSE:GLW)‘s stock had its “buy” rating reissued by investment analysts at Guggenheim in a research report issued to clients and investors on Tuesday. They currently have a $35.00 price objective on the electronics maker’s stock. Guggenheim’s price objective suggests a potential upside of 9.58% from the company’s previous close.
GLW has been the topic of several other research reports. Goldman Sachs Group, Inc. (The) cut Corning from a “neutral” rating to a “sell” rating and dropped their price target for the company from $29.00 to $26.00 in a research report on Tuesday, August 15th. Zacks Investment Research cut Corning from a “hold” rating to a “sell” rating in a research report on Friday. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Corning in a research report on Thursday, July 27th. Susquehanna Bancshares Inc restated a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Finally, Vetr upgraded Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target on the stock in a research report on Monday, July 10th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $28.90.
Corning (NYSE:GLW) traded up 6.43% during trading on Tuesday, hitting $31.94. The stock had a trading volume of 24,151,112 shares. The company has a market cap of $28.85 billion, a PE ratio of 14.27 and a beta of 1.38. The company’s 50 day moving average is $29.79 and its 200-day moving average is $29.38. Corning has a 12 month low of $22.23 and a 12 month high of $32.31.
Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.02. The firm had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.59 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.42 EPS. On average, equities research analysts predict that Corning will post $1.69 earnings per share for the current year.
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In related news, insider Clark S. Kinlin sold 46,763 shares of the company’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $28.53, for a total value of $1,334,148.39. Following the sale, the insider now owns 72,039 shares in the company, valued at approximately $2,055,272.67. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $28.61, for a total value of $1,376,856.25. Following the completion of the sale, the insider now owns 136,079 shares in the company, valued at approximately $3,893,220.19. The disclosure for this sale can be found here. In the last 90 days, insiders sold 127,888 shares of company stock worth $3,653,485. Insiders own 0.59% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GLG Partners LP acquired a new stake in shares of Corning in the 2nd quarter worth approximately $102,000. Benjamin F. Edwards & Company Inc. grew its holdings in shares of Corning by 241.6% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock worth $112,000 after acquiring an additional 2,650 shares during the period. MPS Loria Financial Planners LLC acquired a new stake in shares of Corning in the 2nd quarter worth approximately $112,000. Central Bank & Trust Co. grew its holdings in shares of Corning by 515.2% in the 1st quarter. Central Bank & Trust Co. now owns 3,919 shares of the electronics maker’s stock worth $106,000 after acquiring an additional 3,282 shares during the period. Finally, Coconut Grove Bank grew its holdings in shares of Corning by 92.8% in the 1st quarter. Coconut Grove Bank now owns 3,990 shares of the electronics maker’s stock worth $108,000 after acquiring an additional 1,920 shares during the period. Institutional investors and hedge funds own 71.19% of the company’s stock.
Corning Company Profile
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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