Corning (NYSE:GLW) Upgraded by HSBC to “Buy” Rating

Corning (NYSE:GLW) was upgraded by equities researchers at HSBC from a “hold” rating to a “buy” rating in a report released on Thursday,Benzinga reports. The brokerage currently has a $60.00 target price on the electronics maker’s stock, up from their prior target price of $51.00. HSBC’s target price indicates a potential upside of 20.08% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on GLW. Citigroup raised their price objective on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Morgan Stanley lifted their price target on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Barclays dropped their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday. JPMorgan Chase & Co. lifted 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. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $53.00.

Corning Stock Down 2.5 %

GLW stock opened at $49.97 on Thursday. The firm’s 50-day moving average is $48.62 and its two-hundred day moving average is $45.57. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $42.78 billion, a price-to-earnings ratio of 293.93, a price-to-earnings-growth ratio of 1.46 and a beta of 1.04. Corning has a 52 week low of $30.72 and a 52 week high of $55.33.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. On average, analysts forecast that Corning will post 1.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s 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 completion of the transaction, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of GLW. Public Sector Pension Investment Board grew its position in Corning by 111.5% during the second quarter. Public Sector Pension Investment Board now owns 24,424 shares of the electronics maker’s stock valued at $949,000 after buying an additional 12,875 shares during the period. Millennium Management LLC boosted its holdings in Corning by 117.1% in the second quarter. Millennium Management LLC now owns 926,249 shares of the electronics maker’s stock worth $35,985,000 after acquiring an additional 499,595 shares in the last quarter. NewEdge Advisors LLC grew its position in Corning by 58.4% in the 2nd quarter. NewEdge Advisors LLC now owns 90,442 shares of the electronics maker’s stock worth $3,514,000 after purchasing an additional 33,333 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in Corning by 1.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 73,789 shares of the electronics maker’s stock valued at $2,867,000 after buying an additional 844 shares during the last quarter. Finally, EP Wealth Advisors LLC raised its stake in shares of Corning by 6.9% in the second quarter. EP Wealth Advisors LLC now owns 15,082 shares of the electronics maker’s stock worth $586,000 after buying an additional 978 shares during the period. 69.80% of the stock is owned by 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.