Corning Incorporated (NYSE:GLW) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Corning Incorporated (NYSE:GLW) have earned a consensus rating of “Moderate Buy” from the fourteen analysts that are presently covering the firm, Marketbeat reports. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $53.00.

A number of research firms have recently weighed in on GLW. Barclays reduced their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Oppenheimer restated an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. UBS Group lifted their target price on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Morgan Stanley upped their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Finally, StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th.

Insider Buying and Selling at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,085 shares of company stock worth $2,345,436. Company insiders own 0.40% of the company’s stock.

Hedge Funds Weigh In On Corning

Institutional investors have recently made changes to their positions in the business. Thoroughbred Financial Services LLC increased its holdings in Corning by 139.3% during the fourth quarter. Thoroughbred Financial Services LLC now owns 64,017 shares of the electronics maker’s stock valued at $3,042,000 after buying an additional 37,266 shares during the last quarter. Atlas Capital Advisors Inc. increased its stake in shares of Corning by 15.3% in the 4th quarter. Atlas Capital Advisors Inc. now owns 26,499 shares of the electronics maker’s stock worth $1,259,000 after purchasing an additional 3,511 shares in the last quarter. ExodusPoint Capital Management LP raised its holdings in Corning by 807.0% in the 4th quarter. ExodusPoint Capital Management LP now owns 331,042 shares of the electronics maker’s stock worth $15,731,000 after purchasing an additional 294,544 shares during the period. Motley Fool Asset Management LLC grew its holdings in Corning by 13.2% during the fourth quarter. Motley Fool Asset Management LLC now owns 38,998 shares of the electronics maker’s stock valued at $1,853,000 after purchasing an additional 4,559 shares during the period. Finally, World Investment Advisors increased its position in Corning by 6.2% in the fourth quarter. World Investment Advisors now owns 25,572 shares of the electronics maker’s stock worth $1,215,000 after buying an additional 1,485 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

Shares of GLW opened at $51.99 on Thursday. The company has a 50-day simple moving average of $49.36 and a two-hundred day simple moving average of $46.08. 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 firm has a market capitalization of $44.51 billion, a PE ratio of 89.64, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. Corning has a one year low of $30.72 and a one year high of $55.33.

Corning (NYSE:GLW) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, analysts anticipate that Corning will post 2.33 EPS for the current fiscal year.

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.