Corning (NYSE:GLW) Rating Lowered to Reduce at HSBC

HSBC lowered shares of Corning (NYSE:GLWFree Report) from a hold rating to a reduce rating in a report issued on Thursday morning, Marketbeat Ratings reports. They currently have $29.00 target price on the electronics maker’s stock.

A number of other research analysts have also recently commented on GLW. Morgan Stanley decreased their price target on Corning from $38.00 to $33.00 and set an overweight rating on the stock in a research note on Wednesday, October 25th. JPMorgan Chase & Co. decreased their target price on Corning from $36.00 to $31.00 and set a neutral rating on the stock in a research note on Wednesday, October 25th. Oppenheimer dropped their target price on Corning from $42.00 to $37.00 and set an outperform rating for the company in a research report on Wednesday, October 25th. Citigroup reduced their price target on shares of Corning from $39.00 to $36.00 and set a buy rating on the stock in a research report on Wednesday, October 25th. Finally, Barclays lifted their price objective on shares of Corning from $28.00 to $35.00 and gave the company an equal weight rating in a report on Wednesday, January 31st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Hold and an average price target of $32.88.

Read Our Latest Analysis on GLW

Corning Price Performance

GLW stock opened at $32.25 on Thursday. Corning has a 52-week low of $25.26 and a 52-week high of $36.44. The company has a quick ratio of 1.08, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The stock has a market cap of $27.51 billion, a price-to-earnings ratio of 48.13, a price-to-earnings-growth ratio of 1.86 and a beta of 1.09. The business has a fifty day moving average of $30.19 and a two-hundred day moving average of $30.34.

Corning (NYSE:GLWGet Free Report) last issued its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The firm had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same period last year, the company earned $0.47 EPS. The company’s quarterly revenue was down 12.1% on a year-over-year basis. As a group, research analysts anticipate that Corning will post 1.84 earnings per share for the current year.

Insider Activity at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 18,200 shares of the business’s stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $30.15, for a total transaction of $548,730.00. Following the completion of the transaction, the insider now owns 205,258 shares in the company, valued at $6,188,528.70. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corning

Several hedge funds have recently added to or reduced their stakes in the stock. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its holdings in shares of Corning by 0.3% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 117,692 shares of the electronics maker’s stock valued at $4,124,000 after purchasing an additional 300 shares during the last quarter. Federated Hermes Inc. boosted its holdings in shares of Corning by 5.7% in the third quarter. Federated Hermes Inc. now owns 6,079 shares of the electronics maker’s stock valued at $176,000 after acquiring an additional 328 shares during the period. Harvest Investment Advisors LLC grew its position in shares of Corning by 0.9% during the second quarter. Harvest Investment Advisors LLC now owns 35,922 shares of the electronics maker’s stock worth $1,259,000 after acquiring an additional 335 shares during the last quarter. Resurgent Financial Advisors LLC increased its holdings in shares of Corning by 8.8% in the 2nd quarter. Resurgent Financial Advisors LLC now owns 4,157 shares of the electronics maker’s stock valued at $146,000 after acquiring an additional 337 shares during the period. Finally, 1620 Investment Advisors Inc. raised its position in Corning by 2.5% in the 2nd quarter. 1620 Investment Advisors Inc. now owns 14,014 shares of the electronics maker’s stock valued at $491,000 after purchasing an additional 347 shares during the last quarter. 67.74% of the stock is currently 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 worldwide. 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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