Fox Advisors Upgrades Corning (NYSE:GLW) to “Overweight”

Corning (NYSE:GLW) was upgraded by stock analysts at Fox Advisors from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Thursday, MarketBeat.com reports.

A number of other brokerages have also recently weighed in on GLW. JPMorgan Chase & Co. dropped their price objective on shares of Corning from $170.00 to $165.00 and set a “neutral” rating for the company in a research note on Wednesday, October 21st. Bank of America cut their price target on Corning from $243.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, July 29th. Barclays raised their price objective on Corning from $129.00 to $132.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 28th. Oppenheimer dropped their price objective on shares of Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a research note on Wednesday, July 29th. Finally, Citigroup reaffirmed a “buy” rating on shares of Corning in a research note on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $175.81.

Corning Stock Performance

Shares of GLW stock opened at $118.73 on Thursday. The stock’s 50-day moving average price is $146.40 and its 200 day moving average price is $155.44. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $102.27 billion, a PE ratio of 48.07, a price-to-earnings-growth ratio of 1.55 and a beta of 1.23. Corning has a 52-week low of $77.39 and a 52-week high of $271.78.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. Corning had a return on equity of 20.83% and a net margin of 12.13%. The firm had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $5.03 billion. During the same period last year, the company earned $0.67 earnings per share. The company’s revenue for the quarter was up 18.9% on a year-over-year basis. As a group, equities research analysts forecast that Corning will post 3.37 EPS for the current year.

Insider Buying and Selling at Corning

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the firm’s stock in a transaction on Friday, August 28th. The stock was sold at an average price of $151.29, for a total value of $1,981,899.00. Following the sale, the executive vice president directly owned 15,052 shares in the company, valued at approximately $2,277,217.08. This trade represents a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On Corning

Several hedge funds have recently modified their holdings of GLW. State Street Corp lifted its stake in Corning by 13.4% during the second quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock valued at $10,500,315,000 after buying an additional 4,845,027 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Corning by 29.2% in the second quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock worth $4,784,361,000 after buying an additional 4,231,507 shares during the period. Wellington Management Group LLP increased its position in shares of Corning by 50.9% in the second quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock worth $3,365,084,000 after acquiring an additional 4,446,514 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Corning in the second quarter worth approximately $1,510,911,000. Finally, Legal & General Group Plc purchased a new position in shares of Corning in the second quarter worth approximately $1,212,283,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Company Profile

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.