StockNews.com Downgrades Corning (NYSE:GLW) to Sell

Corning (NYSE:GLWGet Free Report) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Sunday.

Several other equities research analysts have also commented on GLW. UBS Group boosted their target price on shares of Corning from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Thursday, January 11th. Barclays boosted their target price on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. Finally, HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a research report on Thursday, February 1st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $32.88.

Get Our Latest Analysis on Corning

Corning Stock Down 0.3 %

GLW stock opened at $32.47 on Friday. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. Corning has a twelve month low of $25.26 and a twelve month high of $36.01. The company’s 50 day moving average is $32.01 and its two-hundred day moving average is $30.24. The stock has a market cap of $27.71 billion, a P/E ratio of 48.46, a PEG ratio of 1.86 and a beta of 1.08.

Corning (NYSE:GLWGet Free Report) last announced its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same period in the previous year, the company posted $0.47 EPS. The company’s quarterly revenue was down 12.1% on a year-over-year basis. Research analysts expect that Corning will post 1.86 earnings per share for the current fiscal year.

Insider Activity at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the transaction, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Corning

Hedge funds and other institutional investors have recently made changes to their positions in the company. Peoples Bank KS bought a new position in shares of Corning in the 3rd quarter valued at approximately $25,000. OFI Invest Asset Management bought a new position in shares of Corning in the 3rd quarter valued at approximately $25,000. Janiczek Wealth Management LLC raised its stake in shares of Corning by 173.6% in the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock valued at $27,000 after acquiring an additional 571 shares in the last quarter. Cape Investment Advisory Inc. raised its stake in shares of Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after acquiring an additional 800 shares in the last quarter. Finally, Pacifica Partners Inc. acquired a new stake in Corning in the 3rd quarter valued at approximately $28,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Corning (NYSE:GLW)

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