Corning Incorporated (NYSE:GLW) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Corning Incorporated (NYSE:GLW) have earned a consensus rating of “Moderate Buy” from the fourteen ratings firms that are covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $53.00.

A number of equities research analysts have issued reports on GLW shares. Citigroup increased their price objective on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Morgan Stanley lifted their price target on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Barclays decreased their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Deutsche Bank Aktiengesellschaft lifted their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, UBS Group increased their price target on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th.

Corning Stock Down 0.8 %

Shares of GLW stock opened at $51.99 on Thursday. The company has a market capitalization of $44.51 billion, a price-to-earnings ratio of 89.64, a PEG ratio of 1.55 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The company’s fifty day moving average price is $49.36 and its 200-day moving average price is $46.08. Corning has a one year low of $30.72 and a one year high of $55.33.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Sell-side analysts expect that Corning will post 2.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,085 shares of company stock valued at $2,345,436 over the last three months. 0.40% of the stock is owned by company insiders.

Institutional Trading of Corning

A number of large investors have recently made changes to their positions in GLW. Sound Income Strategies LLC lifted its holdings in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after buying an additional 227 shares in the last quarter. Sierra Ocean LLC bought a new stake in shares of Corning during the fourth quarter valued at approximately $25,000. Asset Planning Inc purchased a new stake in shares of Corning in the fourth quarter valued at approximately $29,000. City Holding Co. grew its stake in Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares in the last quarter. Finally, Rosenberg Matthew Hamilton grew its stake in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 500 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

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.