Zacks Investment Research upgraded shares of Corning (NYSE:GLW) from a hold rating to a buy rating in a research report sent to investors on Tuesday, December 19th. The brokerage currently has $36.00 price target on the electronics maker’s stock.
According to Zacks, “Corning is a worldwide provider of connectivity solutions. The company has been supplementing its portfolio with various acquisitions. Most recently, the company announced that it has agreed to take over 3M Company’s Communication Markets Division for $900 million. Corning is benefiting from robust performance in the company’s Optical Communications and Specialty Materials business lines. Moreover, strong demand for Gorilla Glass 5 (GG5) and its fiber optics products is a key catalyst. Moreover, the company remains focused on expanding its footprint in the automotive market driven by gas particulate filters (GPFs) and a Gorilla-sized automotive glass business. Further, aggressive share buyback in accordance with the strategy & capital allocation framework will also boost bottom line growth. On a year-to-date basis, the stock has outperformed the industry it belongs to. However, weakness in the Display segment remains a headwind.”
GLW has been the subject of a number of other reports. Guggenheim restated a buy rating and issued a $35.00 price target on shares of Corning in a research report on Tuesday, December 12th. Deutsche Bank raised their price target on Corning from $33.00 to $35.00 and gave the stock a buy rating in a research report on Wednesday, October 25th. BidaskClub upgraded Corning from a hold rating to a buy rating in a research report on Saturday, August 26th. Citigroup increased their target price on Corning from $30.00 to $32.00 and gave the stock a neutral rating in a research note on Wednesday, October 25th. Finally, Oppenheimer reiterated a hold rating on shares of Corning in a research note on Wednesday, October 25th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of Hold and a consensus price target of $30.48.
Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.02. The business had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.59 billion. Corning had a return on equity of 11.53% and a net margin of 24.98%. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.42 EPS. sell-side analysts predict that Corning will post 1.7 earnings per share for the current year.
In related news, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the business’s stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $32.42, for a total transaction of $1,675,335.92. Following the completion of the sale, the insider now directly owns 136,032 shares in the company, valued at $4,410,157.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Wendell P. Weeks sold 248,857 shares of the business’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $31.37, for a total value of $7,806,644.09. Following the sale, the chief executive officer now owns 65,333 shares of the company’s stock, valued at $2,049,496.21. The disclosure for this sale can be found here. Insiders sold 348,320 shares of company stock valued at $10,996,824 over the last 90 days. Company insiders own 0.59% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GLG Partners LP acquired a new position in shares of Corning in the 2nd quarter valued at $102,000. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Corning by 241.6% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after purchasing an additional 2,650 shares during the last quarter. MPS Loria Financial Planners LLC acquired a new position in shares of Corning in the 2nd quarter valued at $112,000. IHT Wealth Management LLC lifted its stake in shares of Corning by 13.4% in the 2nd quarter. IHT Wealth Management LLC now owns 4,117 shares of the electronics maker’s stock valued at $165,000 after purchasing an additional 485 shares during the last quarter. Finally, Harfst & Associates Inc. lifted its stake in shares of Corning by 44.7% in the 2nd quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock valued at $143,000 after purchasing an additional 1,481 shares during the last quarter. 72.11% of the stock is currently owned by institutional investors.
ILLEGAL ACTIVITY WARNING: This story was originally reported by StockNewsTimes and is owned by of StockNewsTimes. If you are accessing this story on another site, it was illegally stolen and republished in violation of U.S. & international copyright and trademark legislation. The original version of this story can be read at https://stocknewstimes.com/2018/01/11/corning-glw-upgraded-to-buy-by-zacks-investment-research.html.
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.