Corning Incorporated (GLW) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Corning Incorporated (NYSE:GLW) have earned an average rating of “Hold” from the nineteen research firms that are covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $30.05.

A number of research analysts have recently weighed in on GLW shares. Guggenheim restated a “buy” rating and issued a $35.00 price target on shares of Corning in a research report on Thursday, September 21st. Jefferies Group restated a “hold” rating and issued a $29.50 price target on shares of Corning in a research report on Friday, October 6th. Zacks Investment Research cut Corning from a “hold” rating to a “sell” rating in a research report on Friday, October 20th. Oppenheimer restated a “hold” rating on shares of Corning in a research report on Wednesday, October 25th. Finally, Deutsche Bank raised their price target on Corning from $33.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th.

Shares of Corning (NYSE:GLW) opened at $34.85 on Friday. Corning has a fifty-two week low of $24.36 and a fifty-two week high of $35.07. The company has a market capitalization of $30,290.00, a price-to-earnings ratio of 14.83, a price-to-earnings-growth ratio of 2.84 and a beta of 1.33. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.69 and a quick ratio of 2.14.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. Corning had a return on equity of 11.53% and a net margin of 24.98%. The business had revenue of $2.61 billion during the quarter, compared to analysts’ expectations of $2.59 billion. During the same quarter last year, the business posted $0.42 earnings per share. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. equities research analysts expect that Corning will post 1.7 EPS for the current year.

In related news, CEO Wendell P. Weeks sold 248,857 shares of Corning stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $31.37, for a total transaction of $7,806,644.09. Following the completion of the sale, the chief executive officer now owns 65,333 shares in the company, valued at approximately $2,049,496.21. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of Corning stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $32.42, for a total value of $1,675,335.92. Following the sale, the insider now owns 136,032 shares of the company’s stock, valued at approximately $4,410,157.44. The disclosure for this sale can be found here. In the last quarter, insiders have sold 348,320 shares of company stock valued at $10,996,824. 0.59% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the stock. GLG Partners LP purchased a new stake in Corning in the 2nd quarter valued at about $102,000. Benjamin F. Edwards & Company Inc. grew its holdings in Corning by 241.6% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after buying an additional 2,650 shares during the period. MPS Loria Financial Planners LLC purchased a new stake in Corning in the 2nd quarter valued at about $112,000. IHT Wealth Management LLC grew its holdings in Corning by 13.4% in the 2nd quarter. IHT Wealth Management LLC now owns 4,117 shares of the electronics maker’s stock valued at $165,000 after buying an additional 485 shares during the period. Finally, Harfst & Associates Inc. grew its holdings in Corning by 44.7% in the 2nd quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock valued at $143,000 after buying an additional 1,481 shares during the period. Hedge funds and other institutional investors own 72.12% of the company’s stock.

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About Corning

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).

Analyst Recommendations for Corning (NYSE:GLW)

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