Corning (GLW) Downgraded to “Hold” at Zacks Investment Research
Corning (NYSE:GLW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.
According to Zacks, “Solid demand for Gorilla Glass 5 and other fiber optic products remain key catalyst as Corning continues to innovate in the glass substrate industry. The company has several products focusing on datacenter with a portfolio consisting of optical fiber, hardware, cable and connectors that helps it to create optical solutions to meet varying consumer needs. Management’s aim to return value to shareholders through regular share repurchases and dividends is encouraging. The stock has outperformed the industry in the past six months on an average. However, the ongoing trade war between the United States and China remain a strong impediment to top-line growth. The company faces price erosion at the rate of 1-2% per quarter in the Display segment. We expect prices to remain a drag on margins. Another concern with respect to the TV market in particular is the concentration of market share in the hands of a few large players.”
Other equities research analysts have also issued research reports about the stock. Guggenheim reaffirmed a “buy” rating and issued a $41.00 price objective on shares of Corning in a research note on Tuesday, October 23rd. Citigroup reduced their price objective on shares of Corning from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Wednesday, October 24th. ValuEngine lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Monday, November 12th. UBS Group set a $33.00 price objective on shares of Corning and gave the company a “hold” rating in a research note on Tuesday, October 23rd. Finally, Argus lifted their price objective on shares of Corning from $36.00 to $42.00 and gave the company a “positive” rating in a research note on Thursday, September 20th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $36.11.
Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. Corning had a negative net margin of 5.86% and a positive return on equity of 13.22%. The company had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.99 billion. During the same quarter last year, the business posted $0.40 EPS. The company’s revenue for the quarter was up 15.4% on a year-over-year basis. Equities research analysts expect that Corning will post 1.77 earnings per share for the current fiscal year.
In other Corning news, Vice Chairman Lawrence D. Mcrae sold 30,667 shares of the business’s stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $36.18, for a total transaction of $1,109,532.06. Following the completion of the transaction, the insider now owns 146,049 shares of the company’s stock, valued at approximately $5,284,052.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider David L. Morse sold 30,151 shares of the business’s stock in a transaction on Friday, November 30th. The stock was sold at an average price of $32.16, for a total transaction of $969,656.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 77,975 shares of company stock valued at $2,622,698. 0.46% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the business. TRUE Private Wealth Advisors acquired a new position in Corning during the 3rd quarter worth $100,000. Mitsubishi UFJ Securities Holdings Co. Ltd. lifted its position in Corning by 711.4% during the 3rd quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 2,840 shares of the electronics maker’s stock worth $100,000 after acquiring an additional 2,490 shares during the last quarter. Trustcore Financial Services LLC lifted its position in Corning by 233.3% during the 3rd quarter. Trustcore Financial Services LLC now owns 3,000 shares of the electronics maker’s stock worth $106,000 after acquiring an additional 2,100 shares during the last quarter. NEXT Financial Group Inc acquired a new position in Corning during the 3rd quarter worth $117,000. Finally, Migdal Insurance & Financial Holdings Ltd. lifted its position in Corning by 16,371.4% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock worth $127,000 after acquiring an additional 4,584 shares during the last quarter. 70.83% of the stock is owned by hedge funds and other institutional investors.
Corning, Inc develops and manufactures specialty glass and ceramics. The company provides glass for notebook computers, flat panel desktop monitors, LCD televisions, and other information display applications; optical fiber and cable and hardware and equipment products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies.
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