Corning’s (GLW) Buy Rating Reaffirmed at Guggenheim
Corning (NYSE:GLW)‘s stock had its “buy” rating reaffirmed by equities research analysts at Guggenheim in a research note issued to investors on Tuesday. They presently have a $35.00 price objective on the electronics maker’s stock. Guggenheim’s price objective would indicate a potential upside of 7.23% from the stock’s previous close.
The analysts wrote, “We believe 3M’s product portfolio is roughly 50% optical (adding to GLW’s already-broad portfolio of optical fiber, components and systems) and 50% still copper connectivity, but we believe 3M grows GLW’s reach into incremental new carriers (particularly in international geos), and its copper-installed base should set GLW up to benefit from those networks ultimately migrating toward more fiber (e.g., FTTH).””
A number of other research firms have also weighed in on GLW. Susquehanna Bancshares restated a “positive” rating and set a $35.00 target price on shares of Corning in a report on Thursday, August 24th. Jefferies Group reiterated a “hold” rating and set a $29.50 price objective on shares of Corning in a report on Friday, October 6th. BidaskClub lowered Corning from a “buy” rating to a “hold” rating in a report on Saturday, August 19th. Oppenheimer reiterated a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Finally, Citigroup increased their price objective on Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $29.28.
Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. The company had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.59 billion. Corning had a return on equity of 11.53% and a net margin of 24.98%. Corning’s revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.42 earnings per share. research analysts anticipate that Corning will post 1.7 earnings per share for the current year.
In related news, insider Mark S. Rogus sold 9,242 shares of the company’s stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $32.12, for a total value of $296,853.04. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Eric S. Musser sold 29,949 shares of the company’s stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $31.56, for a total value of $945,190.44. Following the completion of the transaction, the vice president now directly owns 49,471 shares in the company, valued at $1,561,304.76. The disclosure for this sale can be found here. Over the last three months, insiders sold 294,561 shares of company stock worth $9,254,498. 0.59% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Corning by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 62,101,521 shares of the electronics maker’s stock valued at $1,866,151,000 after acquiring an additional 965,976 shares during the period. BlackRock Inc. grew its position in shares of Corning by 1,930.0% during the 1st quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock valued at $1,534,712,000 after acquiring an additional 54,041,176 shares during the period. Dodge & Cox acquired a new stake in shares of Corning during the 4th quarter valued at about $759,279,000. Bank of New York Mellon Corp grew its position in shares of Corning by 17.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 22,544,413 shares of the electronics maker’s stock valued at $533,174,000 after acquiring an additional 3,317,550 shares during the period. Finally, Morgan Stanley grew its position in shares of Corning by 372.1% during the 4th quarter. Morgan Stanley now owns 20,126,961 shares of the electronics maker’s stock valued at $367,921,000 after acquiring an additional 15,863,485 shares during the period. 72.43% of the stock is currently owned by hedge funds and other 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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