Corning (NYSE:GLW) Raised to Overweight at Fox Advisors

Corning (NYSE:GLW) was upgraded by equities researchers at Fox Advisors from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Thursday, Marketbeat.com reports.

A number of other brokerages have also recently issued reports on GLW. UBS Group reduced their price objective on shares of Corning from $201.00 to $192.00 and set a “buy” rating for the company in a research note on Wednesday, October 28th. Sanford C. Bernstein started coverage on shares of Corning in a report on Wednesday, September 30th. They issued a “market perform” rating and a $140.00 target price for the company. Truist Financial reiterated a “buy” rating and issued a $175.00 price target (down from $182.00) on shares of Corning in a research note on Wednesday, October 28th. Mizuho decreased their price target on Corning from $210.00 to $180.00 and set an “outperform” rating on the stock in a report on Tuesday, September 15th. Finally, The Goldman Sachs Group restated an “outperform” rating on shares of Corning in a research report on Tuesday, September 15th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $175.81.

Corning Stock Performance

Shares of NYSE GLW traded up $2.60 during trading on Thursday, hitting $106.03. The company had a trading volume of 11,689,311 shares, compared to its average volume of 9,541,957. The stock has a 50 day simple moving average of $144.47 and a 200 day simple moving average of $155.55. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 1.72. Corning has a 12 month low of $77.39 and a 12 month high of $271.78. The firm has a market capitalization of $91.34 billion, a P/E ratio of 42.93, a price-to-earnings-growth ratio of 1.52 and a beta of 1.23.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $5.03 billion. Corning had a return on equity of 20.83% and a net margin of 12.13%. The firm’s revenue was up 18.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.67 EPS. As a group, analysts anticipate that Corning will post 3.38 earnings per share for the current year.

Insider Transactions at Corning

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the business’s stock in a transaction on Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the sale, the executive vice president owned 15,052 shares in the company, valued at $2,277,217.08. The trade was a 46.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in GLW. Herbst Group LLC purchased a new stake in Corning during the second quarter valued at approximately $4,474,000. Principal Financial Group Inc. increased its position in shares of Corning by 1.2% during the 1st quarter. Principal Financial Group Inc. now owns 893,451 shares of the electronics maker’s stock valued at $121,483,000 after purchasing an additional 10,591 shares during the last quarter. Wealthfront Advisers LLC increased its position in shares of Corning by 36.2% during the 1st quarter. Wealthfront Advisers LLC now owns 92,425 shares of the electronics maker’s stock valued at $12,567,000 after purchasing an additional 24,589 shares during the last quarter. Silverlake Wealth Management LLC purchased a new stake in Corning during the 2nd quarter valued at $1,872,000. Finally, Atlas Wealth LLC raised its holdings in Corning by 137.8% during the 1st quarter. Atlas Wealth LLC now owns 12,076 shares of the electronics maker’s stock valued at $1,642,000 after buying an additional 6,998 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Company Profile

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries.

Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.

Headquartered in Corning, New York, the company serves customers worldwide through operations and sales across multiple geographies.