Corning (GLW) Lifted to “Buy” at ValuEngine

ValuEngine upgraded shares of Corning (NYSE:GLW) from a hold rating to a buy rating in a report issued on Sunday.

GLW has been the subject of several other research reports. Oppenheimer reissued a hold rating on shares of Corning in a research note on Wednesday, October 25th. Citigroup increased their price objective on shares of Corning from $30.00 to $32.00 and gave the company a neutral rating in a research note on Wednesday, October 25th. Guggenheim reissued a buy rating and issued a $35.00 price objective on shares of Corning in a research note on Thursday, September 21st. Zacks Investment Research downgraded shares of Corning from a buy rating to a hold rating in a research note on Friday, December 22nd. Finally, Deutsche Bank increased their price objective on shares of Corning from $33.00 to $35.00 and gave the company a buy rating in a research note on Wednesday, October 25th. Two 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 company. The stock presently has a consensus rating of Hold and a consensus price target of $29.76.

Corning (GLW) opened at $33.42 on Friday. The company has a market cap of $29,040.00, a P/E ratio of 14.22, a P/E/G ratio of 2.69 and a beta of 1.33. 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 52 week low of $24.13 and a 52 week high of $33.44.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.02. The business 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 EPS. equities analysts expect that Corning will post 1.7 earnings per share for the current year.

In other Corning news, Director Hansel E. Tookes II sold 6,513 shares of the company’s stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $31.60, for a total value of $205,810.80. Following the completion of the transaction, the director now directly owns 88,946 shares in the company, valued at approximately $2,810,693.60. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Eric S. Musser sold 29,949 shares of the company’s stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $31.56, for a total transaction of $945,190.44. Following the completion of the transaction, the vice president now owns 49,471 shares of the company’s stock, valued at $1,561,304.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 348,320 shares of company stock valued at $10,996,824. Corporate insiders own 0.59% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in GLW. MAI Capital Management increased its position in shares of Corning by 0.6% during the second quarter. MAI Capital Management now owns 17,032 shares of the electronics maker’s stock worth $512,000 after buying an additional 95 shares during the period. Capital Investment Counsel Inc increased its position in shares of Corning by 0.3% during the second quarter. Capital Investment Counsel Inc now owns 54,220 shares of the electronics maker’s stock worth $1,629,000 after buying an additional 137 shares during the period. Bank of Hawaii increased its position in shares of Corning by 2.0% during the second quarter. Bank of Hawaii now owns 8,360 shares of the electronics maker’s stock worth $251,000 after buying an additional 165 shares during the period. Hanseatic Management Services Inc. increased its position in shares of Corning by 1.8% during the second quarter. Hanseatic Management Services Inc. now owns 10,699 shares of the electronics maker’s stock worth $322,000 after buying an additional 187 shares during the period. Finally, Investment Management of Virginia LLC increased its position in shares of Corning by 0.4% during the second quarter. Investment Management of Virginia LLC now owns 52,025 shares of the electronics maker’s stock worth $1,563,000 after buying an additional 200 shares during the period. Hedge funds and other institutional investors own 72.11% of the company’s stock.

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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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