Jefferies Financial Group Initiates Coverage on Corning (NYSE:GLW)

Analysts at Jefferies Financial Group initiated coverage on shares of Corning (NYSE:GLW) in a research note issued to investors on Wednesday, Briefing.com reports. The brokerage set a “buy” rating and a $134.00 price target on the electronics maker’s stock. Jefferies Financial Group‘s price objective would indicate a potential upside of 19.42% from the stock’s previous close.

GLW has been the topic of a number of other reports. UBS Group reduced their target price on shares of Corning from $201.00 to $192.00 and set a “buy” rating on the stock in a research report on Wednesday, October 28th. Weiss Ratings downgraded shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, August 21st. Morgan Stanley cut their price objective on shares of Corning from $165.00 to $155.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 28th. Truist Financial reissued a “buy” rating and issued a $175.00 price objective (down from $182.00) on shares of Corning in a research report on Wednesday, October 28th. Finally, JPMorgan Chase & Co. lowered their target price on Corning from $170.00 to $165.00 and set a “neutral” rating for the company in a research note on Wednesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $172.18.

Corning Price Performance

GLW stock opened at $112.21 on Wednesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 1.72. Corning has a 1 year low of $77.39 and a 1 year high of $271.78. The firm has a market cap of $96.66 billion, a P/E ratio of 45.43, a price-to-earnings-growth ratio of 1.43 and a beta of 1.23. The stock has a 50-day simple moving average of $143.08 and a 200-day simple moving average of $155.76.

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

Insider Activity

In related news, EVP Lewis Steverson sold 13,100 shares of the company’s stock in a transaction 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 sale, the executive vice president directly owned 15,052 shares of the company’s stock, valued at $2,277,217.08. This represents a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Atwood & Palmer Inc. acquired a new stake in shares of Corning in the 2nd quarter valued at about $26,000. Rogco LP bought a new stake in Corning in the second quarter valued at about $27,000. Western Pacific Wealth Management LP bought a new stake in Corning in the third quarter valued at about $25,000. Kings Path Partners LLC acquired a new stake in Corning during the third quarter valued at approximately $25,000. Finally, Toth Financial Advisory Corp raised its stake in Corning by 130.7% during the third quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock valued at $27,000 after buying an additional 98 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

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.