Corning (NYSE:GLW) Now Covered by Analysts at Jefferies Financial Group

Equities researchers at Jefferies Financial Group began coverage on shares of Corning (NYSE:GLW) in a report released on Wednesday, Briefing.com reports. The brokerage set a “buy” rating and a $134.00 price target on the electronics maker’s stock. Jefferies Financial Group‘s target price points to a potential upside of 19.42% from the company’s previous close.

GLW has been the subject of several other reports. Bank of America reduced their price target on Corning from $243.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, July 29th. Sanford C. Bernstein dropped their price objective on Corning from $140.00 to $120.00 and set a “market perform” rating on the stock in a report on Monday. Weiss Ratings cut Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, August 21st. Morgan Stanley reduced their target price on Corning from $165.00 to $155.00 and set an “equal weight” rating for the company in a report on Wednesday, October 28th. Finally, Wall Street Zen upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Saturday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $172.18.

Corning Trading Down 3.2%

NYSE GLW opened at $112.21 on Wednesday. The stock has a market capitalization of $96.66 billion, a P/E ratio of 45.43, a P/E/G ratio of 1.43 and a beta of 1.23. Corning has a 52-week low of $77.39 and a 52-week high of $271.78. The firm has a 50-day moving average price of $143.08 and a 200 day moving average price of $155.76. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.51.

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

Insider Buying and Selling at Corning

In other news, EVP Lewis Steverson sold 13,100 shares of the firm’s stock in a transaction on Friday, August 28th. The stock was sold at an average price of $151.29, for a total value of $1,981,899.00. Following the completion of the transaction, the executive vice president owned 15,052 shares in the company, valued at $2,277,217.08. This trade represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.25% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Corning

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Alliance Wealth Advisors LLC grew its holdings in shares of Corning by 1.4% during the 2nd quarter. Alliance Wealth Advisors LLC now owns 4,045 shares of the electronics maker’s stock worth $1,033,000 after purchasing an additional 56 shares during the period. Ares Financial Consulting LLC raised its holdings in Corning by 15.6% in the second quarter. Ares Financial Consulting LLC now owns 444 shares of the electronics maker’s stock valued at $113,000 after buying an additional 60 shares during the period. Signature Equity Partners LLC raised its holdings in Corning by 19.3% in the first quarter. Signature Equity Partners LLC now owns 383 shares of the electronics maker’s stock valued at $52,000 after buying an additional 62 shares during the period. Balefire LLC lifted its position in Corning by 0.7% during the first quarter. Balefire LLC now owns 9,595 shares of the electronics maker’s stock valued at $1,305,000 after buying an additional 65 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its position in Corning by 1.6% during the first quarter. Geneos Wealth Management Inc. now owns 4,585 shares of the electronics maker’s stock valued at $623,000 after buying an additional 70 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

About Corning

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.