Corning Incorporated (NYSE:GLW) had its price objective lifted by equities researchers at Deutsche Bank AG from $33.00 to $35.00 in a research note issued to investors on Wednesday, October 25th. The brokerage currently has a “buy” rating on the electronics maker’s stock. Deutsche Bank AG’s price target would indicate a potential upside of 10.31% from the company’s current price.
A number of other analysts have also recently commented on GLW. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a research note on Wednesday, October 25th. Guggenheim reiterated a “buy” rating and issued a $35.00 price target on shares of Corning in a research note on Tuesday, October 24th. Zacks Investment Research cut shares of Corning from a “hold” rating to a “sell” rating in a research note on Friday, October 20th. Jefferies Group LLC restated a “hold” rating and set a $29.50 target price on shares of Corning in a research note on Friday, October 6th. Finally, BidaskClub upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $29.28.
Shares of Corning (NYSE:GLW) traded down $0.06 during trading hours on Wednesday, reaching $31.73. 3,346,200 shares of the company’s stock traded hands, compared to its average volume of 6,274,542. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.69 and a quick ratio of 2.14. Corning has a 1 year low of $23.11 and a 1 year high of $32.33. The company has a market capitalization of $27,627.34, a P/E ratio of 18.27, a PEG ratio of 2.65 and a beta of 1.33.
Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.02. The company had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. The firm’s revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.42 earnings per share. equities analysts forecast that Corning will post 1.7 earnings per share for the current year.
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In related news, insider Mark S. Rogus sold 9,242 shares of the stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $32.12, for a total transaction of $296,853.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Christine M. Pambianchi sold 33,000 shares of the stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $28.56, for a total transaction of $942,480.00. Following the transaction, the vice president now owns 73,145 shares of the company’s stock, valued at approximately $2,089,021.20. The disclosure for this sale can be found here. Insiders have sold a total of 422,449 shares of company stock valued at $12,907,983 in the last 90 days. 0.59% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Clark Capital Management Group Inc. purchased a new stake in Corning during the first quarter valued at about $14,879,000. AXA lifted its holdings in Corning by 7.1% during the first quarter. AXA now owns 261,015 shares of the electronics maker’s stock valued at $7,047,000 after purchasing an additional 17,315 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Corning by 0.5% during the first quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock valued at $1,650,659,000 after purchasing an additional 326,877 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of Corning by 6.1% in the first quarter. Amalgamated Bank now owns 66,875 shares of the electronics maker’s stock worth $1,806,000 after buying an additional 3,862 shares in the last quarter. Finally, Andra AP fonden lifted its holdings in shares of Corning by 3.4% in the second quarter. Andra AP fonden now owns 166,100 shares of the electronics maker’s stock worth $4,991,000 after buying an additional 5,500 shares in the last quarter. Institutional investors own 73.19% of the company’s stock.
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).
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