Corning Incorporated (GLW) Stock Rating Reaffirmed by Guggenheim
Corning Incorporated (NYSE:GLW)‘s stock had its “buy” rating reaffirmed by stock analysts at Guggenheim in a note issued to investors on Tuesday. They currently have a $35.00 target price on the electronics maker’s stock. Guggenheim’s target price indicates a potential upside of 23.02% from the stock’s current price.
Several other research analysts have also recently commented on GLW. BidaskClub cut Corning from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Susquehanna Bancshares Inc reissued a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Jefferies Group LLC reissued a “hold” rating and set a $29.50 price target on shares of Corning in a research report on Thursday, July 27th. Goldman Sachs Group, Inc. (The) cut Corning from a “neutral” rating to a “sell” rating and reduced their price target for the company from $29.00 to $26.00 in a research report on Tuesday. Finally, Vetr raised Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target for the company in a research report on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Corning currently has an average rating of “Hold” and an average price target of $28.08.
Shares of Corning (NYSE:GLW) opened at 28.45 on Tuesday. The company has a 50-day moving average price of $30.15 and a 200 day moving average price of $28.59. Corning has a 12-month low of $22.14 and a 12-month high of $32.17. The firm has a market capitalization of $25.70 billion, a price-to-earnings ratio of 12.71 and a beta of 1.40.
Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, beating the consensus estimate of $0.40 by $0.02. Corning had a return on equity of 11.67% and a net margin of 24.16%. The firm had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same period in the prior year, the firm posted $0.37 earnings per share. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. Equities research analysts expect that Corning will post $1.71 earnings per share for the current fiscal year.
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In related news, CEO Wendell P. Weeks sold 153,500 shares of Corning stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $29.58, for a total transaction of $4,540,530.00. Following the completion of the sale, the chief executive officer now directly owns 76,750 shares of the company’s stock, valued at approximately $2,270,265. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Lisa Ferrero sold 56,500 shares of Corning stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $29.09, for a total value of $1,643,585.00. Following the sale, the insider now directly owns 16,808 shares of the company’s stock, valued at $488,944.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 387,700 shares of company stock valued at $11,389,405. 0.59% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Corning by 1.6% in the second quarter. Vanguard Group Inc. now owns 62,101,521 shares of the electronics maker’s stock valued at $1,866,151,000 after buying an additional 965,976 shares during the last quarter. BlackRock Inc. boosted its stake in Corning by 1,930.0% in the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock valued at $1,534,712,000 after buying an additional 54,041,176 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Corning by 5.7% in the second quarter. Bank of New York Mellon Corp now owns 17,882,917 shares of the electronics maker’s stock valued at $537,381,000 after buying an additional 971,936 shares during the last quarter. LSV Asset Management boosted its stake in Corning by 1.3% in the second quarter. LSV Asset Management now owns 13,011,732 shares of the electronics maker’s stock valued at $391,002,000 after buying an additional 165,214 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Corning by 12.8% in the first quarter. Geode Capital Management LLC now owns 9,425,858 shares of the electronics maker’s stock valued at $254,146,000 after buying an additional 1,071,544 shares during the last quarter. 73.87% of the stock is owned by institutional investors and hedge funds.
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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