Corning (NYSE:GLW) Upgraded to Buy at StockNews.com

Corning (NYSE:GLW - Get Free Report) was upgraded by research analysts at StockNews.com from a "hold" rating to a "buy" rating in a research note issued to investors on Tuesday.

A number of other brokerages also recently commented on GLW. Susquehanna raised their target price on shares of Corning from $46.00 to $55.00 and gave the company a "positive" rating in a research note on Friday, September 20th. Barclays boosted their price objective on Corning from $40.00 to $53.00 and gave the stock an "equal weight" rating in a research note on Tuesday, October 29th. Oppenheimer reiterated an "outperform" rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. UBS Group upped their price target on Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. Finally, Morgan Stanley lifted their price objective on shares of Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 17th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $50.77.

Corning Trading Up 0.8 %

Shares of NYSE GLW traded up $0.40 during trading on Tuesday, hitting $47.90. 1,592,775 shares of the company traded hands, compared to its average volume of 5,533,010. The firm has a market capitalization of $41.01 billion, a P/E ratio of 281.76, a P/E/G ratio of 1.54 and a beta of 1.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The company has a 50-day moving average price of $47.76 and a 200-day moving average price of $43.85. Corning has a 1 year low of $29.71 and a 1 year high of $51.03.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company's quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the business posted $0.45 EPS. On average, equities analysts predict that Corning will post 1.95 EPS for the current year.

Insider Transactions at Corning

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company's stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares of the company's stock, valued at $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.45% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GLW. West Oak Capital LLC boosted its holdings in shares of Corning by 0.4% during the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker's stock valued at $2,328,000 after acquiring an additional 215 shares during the period. Lake Street Advisors Group LLC lifted its position in Corning by 4.5% in the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker's stock valued at $246,000 after purchasing an additional 232 shares during the last quarter. SteelPeak Wealth LLC boosted its stake in Corning by 3.3% during the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker's stock valued at $338,000 after purchasing an additional 239 shares during the period. Brown Lisle Cummings Inc. grew its position in Corning by 1.5% in the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker's stock worth $770,000 after purchasing an additional 250 shares during the last quarter. Finally, Allworth Financial LP grew its position in Corning by 1.3% in the 3rd quarter. Allworth Financial LP now owns 19,361 shares of the electronics maker's stock worth $874,000 after purchasing an additional 251 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.