Corning (NYSE:GLW) Rating Increased to Overweight at Fox Advisors

Corning (NYSE:GLW) was upgraded by analysts at Fox Advisors from an “equal weight” rating to an “overweight” rating in a report issued on Monday, MarketBeat Ratings reports. The brokerage currently has a $45.00 target price on the electronics maker’s stock. Fox Advisors’ price objective would suggest a potential upside of 11.91% from the company’s current price.

A number of other equities analysts also recently commented on the stock. Bank of America raised their target price on shares of Corning from $38.00 to $42.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Mizuho initiated coverage on shares of Corning in a research note on Tuesday, May 7th. They issued a “neutral” rating and a $36.00 target price on the stock. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Susquehanna reaffirmed a “positive” rating and set a $40.00 price target on shares of Corning in a report on Monday, April 1st. Finally, JPMorgan Chase & Co. raised shares of Corning from a “neutral” rating to an “overweight” rating and raised their price target for the company from $37.00 to $43.00 in a report on Thursday, May 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $37.92.

Corning Stock Performance

NYSE:GLW opened at $40.21 on Monday. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The company has a market cap of $34.44 billion, a P/E ratio of 56.63, a P/E/G ratio of 1.69 and a beta of 1.08. Corning has a fifty-two week low of $25.26 and a fifty-two week high of $40.25. The firm’s 50 day moving average is $34.68 and its two-hundred day moving average is $32.58.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The company had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. Corning’s revenue was down 11.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.41 earnings per share. Analysts expect that Corning will post 1.9 EPS for the current year.

Insider Activity

In related news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the sale, the vice president now directly owns 57,280 shares in the company, valued at approximately $2,141,699.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the sale, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the sale, the vice president now owns 57,280 shares in the company, valued at $2,141,699.20. The disclosure for this sale can be found here. In the last three months, insiders sold 252,671 shares of company stock valued at $8,450,971. Company insiders own 0.45% of the company’s stock.

Institutional Trading of Corning

A number of hedge funds and other institutional investors have recently made changes to their positions in GLW. Kestra Advisory Services LLC raised its position in shares of Corning by 31.1% during the 3rd quarter. Kestra Advisory Services LLC now owns 121,534 shares of the electronics maker’s stock worth $3,703,000 after buying an additional 28,861 shares in the last quarter. QRG Capital Management Inc. bought a new stake in shares of Corning in the 3rd quarter worth approximately $1,351,000. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Corning in the 3rd quarter worth approximately $731,000. Envestnet Asset Management Inc. raised its holdings in shares of Corning by 40.6% in the 3rd quarter. Envestnet Asset Management Inc. now owns 1,209,133 shares of the electronics maker’s stock worth $36,842,000 after purchasing an additional 349,427 shares in the last quarter. Finally, FMR LLC raised its holdings in shares of Corning by 3.1% in the 3rd quarter. FMR LLC now owns 1,712,966 shares of the electronics maker’s stock worth $52,194,000 after purchasing an additional 52,164 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

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.