Corning (NYSE:GLW) Stock Rating Lowered by StockNews.com

Corning (NYSE:GLW) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

Other analysts have also recently issued research reports about the company. Citigroup increased their price objective on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. HSBC upgraded Corning from a “hold” rating to a “buy” rating and increased their price objective for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. UBS Group increased their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Morgan Stanley lifted their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Stock Performance

Shares of GLW stock traded down $1.05 on Tuesday, hitting $49.73. 6,289,219 shares of the stock were exchanged, compared to its average volume of 5,591,092. The firm’s 50 day moving average is $50.01 and its two-hundred day moving average is $46.93. Corning has a one year low of $30.72 and a one year high of $55.33. The firm has a market capitalization of $42.59 billion, a PE ratio of 85.74, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

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

Insider Buying and Selling

In related news, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $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. 0.40% of the stock is currently owned by insiders.

Institutional Trading of Corning

Hedge funds and other institutional investors have recently modified their holdings of the company. Northstar Advisory Group LLC boosted its holdings in Corning by 258.4% in the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock worth $5,883,000 after buying an additional 89,268 shares during the period. Franklin Resources Inc. grew its position in shares of Corning by 48.4% during the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock worth $8,975,000 after purchasing an additional 62,514 shares in the last quarter. FMR LLC raised its stake in Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the period. Fifth Third Bancorp raised its stake in Corning by 16.8% during the 4th quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock valued at $5,296,000 after purchasing an additional 16,001 shares during the period. Finally, First Financial Bank Trust Division lifted its holdings in Corning by 27.5% in the 4th quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock worth $6,565,000 after purchasing an additional 29,790 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.