Corning (NYSE:GLW) Upgraded by Barclays to “Overweight”

Share on StockTwits

Corning (NYSE:GLW) was upgraded by investment analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research report issued on Thursday, The Fly reports.

A number of other research firms also recently issued reports on GLW. Zacks Investment Research downgraded shares of Corning from a “buy” rating to a “hold” rating and set a $38.00 target price for the company. in a report on Tuesday, November 10th. Oppenheimer restated a “hold” rating on shares of Corning in a research note on Wednesday, October 28th. Bank of America upped their price target on shares of Corning from $34.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, September 17th. TheStreet raised shares of Corning from a “c+” rating to a “b-” rating in a report on Friday, December 18th. Finally, JPMorgan Chase & Co. cut shares of Corning from an “overweight” rating to a “neutral” rating and set a $39.00 price target on the stock. in a report on Friday, December 11th. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $35.22.

Shares of GLW opened at $37.17 on Thursday. The company has a current ratio of 2.09, a quick ratio of 1.42 and a debt-to-equity ratio of 0.74. The stock has a market cap of $28.40 billion, a P/E ratio of 185.85, a PEG ratio of 12.83 and a beta of 1.18. The company has a 50-day moving average of $36.70 and a two-hundred day moving average of $33.26. Corning has a 12-month low of $17.44 and a 12-month high of $38.44.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 27th. The electronics maker reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The business had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.93 billion. Corning had a net margin of 2.71% and a return on equity of 11.50%. The company’s revenue was up 1.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.44 earnings per share. As a group, analysts forecast that Corning will post 1.36 EPS for the current fiscal year.

In other Corning news, VP Edward A. Schlesinger sold 6,247 shares of the company’s stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $33.55, for a total transaction of $209,586.85. Following the completion of the sale, the vice president now directly owns 50,398 shares of the company’s stock, valued at $1,690,852.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Eric S. Musser sold 33,337 shares of the firm’s stock in a transaction that occurred on Tuesday, December 1st. The shares were sold at an average price of $37.69, for a total transaction of $1,256,471.53. Following the transaction, the chief operating officer now directly owns 105,538 shares in the company, valued at approximately $3,977,727.22. The disclosure for this sale can be found here. Insiders sold a total of 68,550 shares of company stock valued at $2,452,425 in the last quarter. 0.47% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in GLW. Old North State Trust LLC acquired a new position in shares of Corning in the 3rd quarter valued at approximately $27,000. ELM Advisors LLC acquired a new stake in shares of Corning during the 4th quarter worth $30,000. Center for Financial Planning Inc. boosted its stake in Corning by 60.5% in the third quarter. Center for Financial Planning Inc. now owns 849 shares of the electronics maker’s stock valued at $28,000 after buying an additional 320 shares in the last quarter. CX Institutional raised its position in Corning by 66.4% in the fourth quarter. CX Institutional now owns 937 shares of the electronics maker’s stock valued at $34,000 after purchasing an additional 374 shares during the last quarter. Finally, Central Bank & Trust Co. raised its position in shares of Corning by 172.9% during the fourth quarter. Central Bank & Trust Co. now owns 947 shares of the electronics maker’s stock worth $34,000 after acquiring an additional 600 shares during the last quarter. 61.83% of the stock is owned by hedge funds and other institutional investors.

Corning Company Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

See Also: What are gap-up stocks?

The Fly

Analyst Recommendations for Corning (NYSE:GLW)

Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with's FREE daily email newsletter.