Corning (NYSE:GLW) Raised to “Strong-Buy” at Hsbc Global Res

Corning (NYSE:GLW) was upgraded by Hsbc Global Res from a “hold” rating to a “strong-buy” rating in a note issued to investors on Thursday,Zacks.com reports.

GLW has been the topic of several other reports. Barclays lowered their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday. Citigroup increased their price target on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. UBS Group increased their price target on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price target on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $53.00.

Corning Stock Up 4.2 %

Shares of GLW stock opened at $52.11 on Thursday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The firm’s 50-day moving average is $48.71 and its 200-day moving average is $45.63. The stock has a market cap of $44.61 billion, a price-to-earnings ratio of 89.84, a PEG ratio of 1.35 and a beta of 1.04. Corning has a 52-week low of $30.72 and a 52-week high of $55.33.

Corning (NYSE:GLW) last issued its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.01%. Sell-side analysts predict that Corning will post 2.3 EPS for the current year.

Insider Buying and Selling

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,085 shares of company stock worth $787,836. Corporate insiders own 0.40% of the company’s stock.

Hedge Funds Weigh In On Corning

Hedge funds have recently modified their holdings of the business. Sound Income Strategies LLC lifted its holdings in shares of Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares during the period. Sierra Ocean LLC acquired a new position in shares of Corning during the fourth quarter worth $25,000. Asset Planning Inc bought a new position in Corning during the fourth quarter worth $29,000. City Holding Co. raised its stake in Corning by 545.5% during 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 last quarter. Finally, Rosenberg Matthew Hamilton raised its stake in Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after buying an additional 500 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Company Profile

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.