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

Corning Incorporated (NYSE:GLW) has received a consensus recommendation of “Moderate Buy” from the fourteen research firms that are presently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $53.00.

Several analysts recently weighed in on GLW shares. Morgan Stanley lifted their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. JPMorgan Chase & Co. boosted their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Finally, UBS Group raised their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th.

Insider Activity

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Oregon Public Employees Retirement Fund grew its holdings in shares of Corning by 0.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock valued at $3,139,000 after buying an additional 204 shares during the last quarter. Principal Securities Inc. boosted its holdings 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 worth $293,000 after acquiring an additional 211 shares during the period. West Oak Capital LLC lifted 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 in the last quarter. Bogart Wealth LLC grew its position in shares of 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 purchasing an additional 219 shares in the last quarter. Finally, Buffington Mohr McNeal increased its stake 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 acquiring an additional 220 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Price Performance

NYSE:GLW opened at $53.02 on Thursday. The firm’s fifty day moving average price is $49.22 and its two-hundred day moving average price is $45.95. 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 has a market cap of $45.39 billion, a P/E ratio of 91.41, a P/E/G 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 quarterly 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%. Equities analysts expect that Corning will post 2.33 earnings per share for the current year.

Corning Company Profile

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.