Corning (NYSE:GLW) Stock Falls 3.2% After Analyst Downgrade

Corning Incorporated (NYSE:GLW) shares traded down 3.2% during mid-day trading on Tuesday after Sanford C. Bernstein lowered their price target on the stock from $140.00 to $120.00. Sanford C. Bernstein currently has a market perform rating on the stock. Corning traded as low as $110.12 and last traded at $112.2110. Approximately 7,244,454 shares traded hands during trading, a decline of 39% from the average session volume of 11,889,854 shares. The stock had previously closed at $115.95.

Several other research analysts have also recently commented on the stock. Bank of America decreased their target price on shares of Corning from $243.00 to $200.00 and set a “buy” rating for the company in a research report on Wednesday, July 29th. UBS Group reduced their price target on Corning from $201.00 to $192.00 and set a “buy” rating for the company in a research report on Wednesday, October 28th. China Renaissance raised Corning from a “hold” rating to a “buy” rating and set a $238.00 price target for the company in a research note on Tuesday, September 8th. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating in a report on Thursday, November 5th. Finally, Barclays increased their target price on shares of Corning from $129.00 to $132.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 28th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $174.56.

Insider Transactions at Corning

In other Corning news, EVP Lewis Steverson sold 13,100 shares of Corning stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the transaction, the executive vice president owned 15,052 shares in the company, valued at approximately $2,277,217.08. The trade was 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 hyperlink. Company insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On Corning

Several hedge funds have recently made changes to their positions in the company. Western Pacific Wealth Management LP bought a new position in Corning in the third quarter valued at approximately $25,000. Kings Path Partners LLC bought a new stake in Corning during the third quarter worth $25,000. Atwood & Palmer Inc. bought a new stake in Corning during the second quarter worth $26,000. Rogco LP acquired a new stake in shares of Corning in the 2nd quarter valued at $27,000. Finally, Toth Financial Advisory Corp boosted its holdings in shares of Corning by 130.7% in the 3rd quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 98 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

The stock has a fifty day simple moving average of $143.82 and a two-hundred day simple moving average of $155.67. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 1.72. The stock has a market cap of $96.66 billion, a price-to-earnings ratio of 45.43, a P/E/G ratio of 1.46 and a beta of 1.23.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Corning had a return on equity of 20.83% and a net margin of 12.13%. The company had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $5.03 billion. During the same quarter in the previous year, the firm earned $0.67 EPS. Corning’s revenue was up 18.9% on a year-over-year basis. Analysts expect that Corning Incorporated will post 3.38 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Friday, November 13th. Corning’s payout ratio is currently 45.34%.

Corning Company Profile

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries. Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.