Corning Incorporated (NYSE:GLW) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Corning Incorporated (NYSE:GLW) has received an average recommendation of “Moderate Buy” from the fourteen analysts that are currently covering the firm, MarketBeat Ratings reports. Five research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $50.77.

A number of research firms have recently commented on GLW. Barclays lifted their target price on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. JPMorgan Chase & Co. lifted their target price on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Bank of America lifted their target price on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Finally, UBS Group lifted their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th.

Corning Price Performance

Shares of NYSE:GLW opened at $47.02 on Friday. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock’s fifty day simple moving average is $47.91 and its two-hundred day simple moving average is $44.70. Corning has a 1-year low of $29.71 and a 1-year high of $51.03. The stock has a market cap of $40.26 billion, a PE ratio of 276.59, a price-to-earnings-growth ratio of 1.54 and a beta of 1.04.

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

Insider Buying and Selling at Corning

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 transaction of $241,950.00. Following the completion of the transaction, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was 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. Insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. City Holding Co. lifted its position in Corning by 545.5% in the 3rd 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 last quarter. Cassady Schiller Wealth Management LLC bought a new stake in Corning in the 3rd quarter worth approximately $39,000. RPg Family Wealth Advisory LLC bought a new stake in Corning in the 3rd quarter worth approximately $40,000. Global Trust Asset Management LLC lifted its position in Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after buying an additional 900 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in Corning in the 3rd quarter worth approximately $45,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

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.