Corning (GLW) Rating Reiterated by Guggenheim

Corning (NYSE:GLW)‘s stock had its “buy” rating restated by equities researchers at Guggenheim in a research report issued to clients and investors on Tuesday, January 30th.

The analysts wrote, “We reduce our FY18E EPS by -9c to $1.73, with -6c of that from a new higher tax rate, and the rest from higher COGS/Opex in 1H18E, but our forecast for GLW to then get back to >20%Y/Y EPS growth in 2H18E and FY19E.””

A number of other research analysts have also commented on GLW. Oppenheimer reiterated a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Zacks Investment Research upgraded Corning from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 26th. Citigroup boosted their price objective on Corning from $33.00 to $35.00 and gave the company a “neutral” rating in a research report on Thursday, January 25th. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Finally, Barclays set a $38.00 price objective on Corning and gave the company a “buy” rating in a research report on Wednesday, January 10th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $31.47.

Shares of Corning (NYSE GLW) traded up $0.02 during mid-day trading on Tuesday, hitting $29.54. The stock had a trading volume of 7,230,625 shares, compared to its average volume of 7,860,000. Corning has a one year low of $26.32 and a one year high of $35.10. The firm has a market capitalization of $25,670.00, a price-to-earnings ratio of -37.39, a PEG ratio of 4.37 and a beta of 1.34. The company has a current ratio of 2.75, a quick ratio of 2.22 and a debt-to-equity ratio of 0.35.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.02. Corning had a positive return on equity of 11.62% and a negative net margin of 4.91%. The company had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.65 billion. During the same period in the previous year, the company earned $0.50 earnings per share. The company’s quarterly revenue was up 7.4% compared to the same quarter last year. equities analysts expect that Corning will post 1.67 EPS for the current fiscal year.

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the company’s stock in a transaction on 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 directly owns 136,032 shares in the company, valued at $4,410,157.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Deborah Rieman sold 2,083 shares of the company’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $32.16, for a total value of $66,989.28. Following the completion of the sale, the director now owns 102,896 shares in the company, valued at $3,309,135.36. The disclosure for this sale can be found here. Corporate insiders own 0.59% of the company’s stock.

A number of large investors have recently made changes to their positions in the business. Thrivent Financial For Lutherans grew its position in Corning by 1.2% in the second quarter. Thrivent Financial For Lutherans now owns 34,870 shares of the electronics maker’s stock valued at $1,048,000 after acquiring an additional 400 shares during the period. IHT Wealth Management LLC grew its position in Corning by 13.4% in the second quarter. IHT Wealth Management LLC now owns 4,117 shares of the electronics maker’s stock valued at $165,000 after acquiring an additional 485 shares during the period. United Bank VA grew its position in Corning by 0.8% in the second quarter. United Bank VA now owns 70,570 shares of the electronics maker’s stock valued at $2,121,000 after acquiring an additional 583 shares during the period. Sentry Investment Management LLC grew its position in Corning by 1.1% in the second quarter. Sentry Investment Management LLC now owns 72,401 shares of the electronics maker’s stock valued at $2,176,000 after acquiring an additional 767 shares during the period. Finally, Colony Group LLC grew its position in Corning by 0.5% in the second quarter. Colony Group LLC now owns 142,560 shares of the electronics maker’s stock valued at $4,284,000 after acquiring an additional 771 shares during the period. Hedge funds and other institutional investors own 71.82% of the company’s stock.

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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).

Analyst Recommendations for Corning (NYSE:GLW)

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