HSBC upgraded shares of Corning (NYSE:GLW - Free Report) from a hold rating to a buy rating in a research report sent to investors on Thursday morning, MarketBeat.com reports. The brokerage currently has $60.00 price objective on the electronics maker's stock, up from their prior price objective of $51.00.
Several other equities research analysts have also commented on the stock. StockNews.com upgraded shares of Corning from a "hold" rating to a "buy" rating in a research report on Tuesday, December 24th. Citigroup raised their price objective on Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a report on Tuesday, January 21st. Barclays decreased their target price on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a research note on Wednesday, January 29th. Oppenheimer restated an "outperform" rating and set a $58.00 target price (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Corning from $49.00 to $54.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $53.00.
Read Our Latest Analysis on Corning
Corning Price Performance
NYSE:GLW traded down $0.73 during trading hours on Thursday, reaching $51.35. 6,847,499 shares of the company were exchanged, compared to its average volume of 6,447,617. The firm has a market cap of $43.97 billion, a PE ratio of 88.54, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03. The stock's 50-day moving average is $48.78 and its 200-day moving average is $45.67. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning has a twelve month low of $30.72 and a twelve month high of $55.33.
Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. On average, sell-side analysts anticipate that Corning will post 2.33 earnings per share for the current fiscal year.
Insider Transactions at Corning
In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction that occurred on 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 accessible through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the firm's stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. Insiders have sold 46,085 shares of company stock worth $2,345,436 in the last ninety days. Insiders own 0.45% of the company's stock.
Hedge Funds Weigh In On Corning
A number of hedge funds have recently bought and sold shares of GLW. Principal Securities Inc. raised its position in shares of Corning by 3.5% in the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker's stock valued at $293,000 after purchasing an additional 211 shares during the period. West Oak Capital LLC increased its holdings in shares of Corning by 0.4% in the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker's stock worth $2,328,000 after buying an additional 215 shares during the period. Bogart Wealth LLC raised its holdings in Corning by 18.3% during the 4th quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker's stock valued at $67,000 after buying an additional 219 shares during the last quarter. Buffington Mohr McNeal lifted its holdings in Corning by 2.1% in the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker's stock worth $497,000 after buying an additional 220 shares during the period. Finally, Allworth Financial LP boosted its holdings in Corning by 1.1% in the fourth quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker's stock valued at $930,000 after acquiring an additional 220 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.
About Corning
(
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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.
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