Corning Inc. (GLW) Downgraded by Zacks Investment Research to “Sell”
Corning Inc. (NYSE:GLW) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Monday.
According to Zacks, “Corning is primarily a developer of advanced glass substrates for multiple markets. The company saw the seasonal strength in Optical Communications in the quarter. These factors along with new and pipeline products, management’s recently announced capital allocation plans are positives. We believe the company remains focus on expanding its footprint in the automotive market, which will drive top-line growth. However, managemnt expects Specialty Materials segment to remain weak in the upcoming quarter due to lower-than-expected demand for mobile devices. Also important to note that several key end markets (tablets, mobile, etc) are underperforming in 2016 and the company has slipped into a net debt position.”
Other research analysts also recently issued research reports about the company. Argus reiterated a “buy” rating on shares of Corning in a report on Sunday, June 12th. Bank of America Corp. downgraded Corning from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $42.00 to $28.00 in a report on Friday, June 10th. Vetr upgraded Corning from a “buy” rating to a “strong-buy” rating and set a $21.88 price objective on the stock in a report on Monday, June 27th. Drexel Hamilton downgraded Corning from a “hold” rating to a “sell” rating and decreased their price objective for the stock from $21.03 to $14.50 in a report on Friday, June 10th. They noted that the move was a valuation call. Finally, Goldman Sachs Group Inc. upgraded Corning from a “buy” rating to a “conviction-buy” rating and set a $27.00 price objective on the stock in a report on Thursday, July 7th. Four analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of C$21.98.
Shares of Corning (NYSE:GLW) opened at 23.65 on Monday. The stock has a market capitalization of $24.52 billion, a P/E ratio of 13.03 and a beta of 1.33. The stock has a 50 day moving average price of $22.83 and a 200 day moving average price of $21.09. Corning has a 52 week low of $16.13 and a 52 week high of $23.81.
Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.37 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.05. The firm had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.38 billion. Corning had a return on equity of 9.65% and a net margin of 25.53%. The company’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.38 earnings per share. On average, equities research analysts expect that Corning will post $1.43 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Wednesday, August 31st were given a $0.135 dividend. The ex-dividend date was Monday, August 29th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.28%. Corning’s dividend payout ratio is currently 29.51%.
In other news, insider David L. Morse sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of C$23.00, for a total value of C$207,000.00. Following the sale, the insider now directly owns 52,629 shares of the company’s stock, valued at approximately C$1,210,467. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider David L. Morse sold 18,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 28th. The stock was sold at an average price of C$23.50, for a total value of C$423,000.00. Following the completion of the sale, the insider now directly owns 61,629 shares in the company, valued at C$1,448,281.50. The disclosure for this sale can be found here. 0.60% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of GLW. Virginia Retirement System bought a new stake in shares of Corning during the first quarter worth approximately $401,000. Ngam Advisors L.P. boosted its stake in shares of Corning by 4.6% in the first quarter. Ngam Advisors L.P. now owns 88,790 shares of the company’s stock worth $1,855,000 after buying an additional 3,892 shares in the last quarter. TIAA CREF Investment Management LLC boosted its stake in shares of Corning by 3.1% in the first quarter. TIAA CREF Investment Management LLC now owns 4,115,432 shares of the company’s stock worth $85,971,000 after buying an additional 123,714 shares in the last quarter. Sentry Investment Management LLC boosted its stake in shares of Corning by 0.8% in the first quarter. Sentry Investment Management LLC now owns 90,039 shares of the company’s stock worth $1,881,000 after buying an additional 758 shares in the last quarter. Finally, NN Investment Partners Holdings N.V. bought a new stake in shares of Corning during the first quarter worth approximately $51,758,000. 73.63% of the stock is currently owned by hedge funds and other institutional investors.
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
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