Corning (GLW) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Corning (NYSE:GLW) from a buy rating to a hold rating in a research report released on Tuesday morning.

According to Zacks, “Corning is benefiting from strength in the company’s Optical Communications, Environmental Technologies and Life Sciences business lines. Strong demand for Gorilla Glass 5 and its fiber optics products is a key catalyst. The company also benefits from sequential decline in LCD glass prices. Strong demand for company’s Gorilla-sized automotive glass business and additional contract wins are positives. Improvement in heavy-duty diesel truck demand and new gasoline particulate filter business boost diesel sales. Further, penetration into developing regions and product portfolio expansion are tailwinds. Aggressive share buyback favors bottom line growth. However, weakness in the Display segment remains a headwind. Shares of the company have underperformed industry in the past year.”

GLW has been the topic of several other reports. Citigroup cut their target price on Corning from $35.00 to $32.00 and set a neutral rating on the stock in a report on Friday, March 9th. Guggenheim restated a buy rating and set a $35.00 target price on shares of Corning in a report on Tuesday, April 24th. TheStreet lowered Corning from a b- rating to a c+ rating in a report on Wednesday, February 28th. JPMorgan Chase began coverage on Corning in a report on Thursday, May 3rd. They set a neutral rating and a $33.00 target price on the stock. Finally, ValuEngine lowered Corning from a buy rating to a hold rating in a report on Tuesday, April 24th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Corning has a consensus rating of Hold and an average target price of $31.14.

GLW opened at $27.64 on Tuesday. The firm has a market cap of $22.99 billion, a P/E ratio of 16.07, a PEG ratio of 4.02 and a beta of 1.35. Corning has a 1 year low of $26.11 and a 1 year high of $35.10. The company has a quick ratio of 1.95, a current ratio of 2.56 and a debt-to-equity ratio of 0.39.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 24th. The electronics maker reported $0.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.01. Corning had a positive return on equity of 11.66% and a negative net margin of 11.44%. The company had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.49 billion. During the same period last year, the company earned $0.36 earnings per share. The business’s revenue was up 5.3% compared to the same quarter last year. analysts predict that Corning will post 1.72 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Thursday, May 3rd will be paid a $0.18 dividend. The ex-dividend date of this dividend is Wednesday, May 2nd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.60%. Corning’s payout ratio is presently 41.86%.

In other news, VP Christine M. Pambianchi sold 1,000 shares of Corning stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $29.90, for a total value of $29,900.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.46% of the company’s stock.

Several institutional investors have recently bought and sold shares of GLW. Institutional & Family Asset Management LLC bought a new position in shares of Corning in the first quarter worth about $101,000. Private Capital Group LLC increased its stake in Corning by 1,455.7% during the first quarter. Private Capital Group LLC now owns 3,936 shares of the electronics maker’s stock valued at $110,000 after acquiring an additional 3,683 shares during the period. Motco increased its stake in Corning by 150.4% during the fourth quarter. Motco now owns 3,538 shares of the electronics maker’s stock valued at $113,000 after acquiring an additional 2,125 shares during the period. Financial Advocates Investment Management bought a new position in Corning during the fourth quarter valued at about $130,000. Finally, Bray Capital Advisors bought a new position in Corning during the first quarter valued at about $132,000. Institutional investors and hedge funds own 70.13% of the company’s stock.

About Corning

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

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