Corning (NYSE:GLW) Upgraded at StockNews.com

Corning (NYSE:GLW) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Wednesday.

GLW has been the topic of several other reports. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Susquehanna raised their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. raised their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Barclays raised their price target on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Stock Performance

NYSE:GLW opened at $49.17 on Wednesday. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The stock has a market cap of $42.10 billion, a P/E ratio of 289.24, a PEG ratio of 1.57 and a beta of 1.03. The business’s 50-day moving average price is $46.95 and its two-hundred day moving average price is $42.76. Corning has a twelve month low of $28.30 and a twelve month high of $51.03.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company’s revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.45 EPS. As a group, equities analysts predict that Corning will post 1.95 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Corporate insiders own 0.45% of the company’s stock.

Institutional Investors Weigh In On Corning

Several institutional investors have recently modified their holdings of GLW. City Holding Co. raised its holdings in shares of Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after buying an additional 600 shares during the period. Cassady Schiller Wealth Management LLC purchased a new stake in shares of Corning in the third quarter worth approximately $39,000. RPg Family Wealth Advisory LLC purchased a new stake in shares of Corning in the third quarter worth approximately $40,000. Global Trust Asset Management LLC increased its holdings in Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares during the period. Finally, Venturi Wealth Management LLC increased its holdings in Corning by 90.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock worth $45,000 after purchasing an additional 473 shares during the period. 69.80% of the stock is owned by institutional investors.

About Corning

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