Corning (NYSE:GLW) Lifted to Buy at ValuEngine

Corning (NYSE:GLW) was upgraded by equities research analysts at ValuEngine from a “hold” rating to a “buy” rating in a report released on Sunday, December 31st.

GLW has been the topic of a number of other research reports. Oppenheimer reiterated a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Citigroup lifted their price objective on Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, October 25th. Guggenheim reissued a “buy” rating and set a $35.00 price objective on shares of Corning in a research report on Thursday, September 21st. Zacks Investment Research cut Corning from a “buy” rating to a “hold” rating in a research report on Friday, December 22nd. Finally, Deutsche Bank lifted their price objective on Corning from $33.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $30.48.

Corning (NYSE GLW) opened at $34.66 on Friday. Corning has a twelve month low of $24.13 and a twelve month high of $34.69. The company has a current ratio of 2.69, a quick ratio of 2.14 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $30,120.00, a price-to-earnings ratio of 14.75, a PEG ratio of 2.83 and a beta of 1.33.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. Corning had a return on equity of 11.53% and a net margin of 24.98%. The business had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.59 billion. During the same quarter in the previous year, the company posted $0.42 earnings per share. Corning’s revenue for the quarter was up 4.0% compared to the same quarter last year. analysts expect that Corning will post 1.7 EPS for the current fiscal year.

In other Corning news, Director Deborah Rieman sold 2,083 shares of the business’s stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $32.16, for a total value of $66,989.28. Following the completion of the sale, the director now owns 102,896 shares of the company’s stock, valued at $3,309,135.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Wendell P. Weeks sold 248,857 shares of the business’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $31.37, for a total value of $7,806,644.09. Following the completion of the sale, the chief executive officer now directly owns 65,333 shares of the company’s stock, valued at approximately $2,049,496.21. The disclosure for this sale can be found here. Insiders sold 348,320 shares of company stock valued at $10,996,824 in the last ninety days. Insiders own 0.59% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. MAI Capital Management lifted its position in shares of Corning by 0.6% during the 2nd quarter. MAI Capital Management now owns 17,032 shares of the electronics maker’s stock worth $512,000 after purchasing an additional 95 shares during the last quarter. Capital Investment Counsel Inc lifted its position in shares of Corning by 0.3% during the 2nd quarter. Capital Investment Counsel Inc now owns 54,220 shares of the electronics maker’s stock worth $1,629,000 after purchasing an additional 137 shares during the last quarter. Bank of Hawaii lifted its position in shares of Corning by 2.0% during the 2nd quarter. Bank of Hawaii now owns 8,360 shares of the electronics maker’s stock worth $251,000 after purchasing an additional 165 shares during the last quarter. Hanseatic Management Services Inc. lifted its position in shares of Corning by 1.8% during the 2nd quarter. Hanseatic Management Services Inc. now owns 10,699 shares of the electronics maker’s stock worth $322,000 after purchasing an additional 187 shares during the last quarter. Finally, Investment Management of Virginia LLC lifted its position in shares of Corning by 0.4% during the 2nd quarter. Investment Management of Virginia LLC now owns 52,025 shares of the electronics maker’s stock worth $1,563,000 after purchasing an additional 200 shares during the last quarter. 72.12% of the stock is owned by institutional investors and hedge funds.

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About Corning

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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