Corning (NYSE:GLW) Stock Rating Upgraded by Fox Advisors

Corning (NYSE:GLW) was upgraded by investment analysts at Fox Advisors from an “equal weight” rating to an “overweight” rating in a report issued on Thursday, MarketBeat.com reports.

GLW has been the subject of several other research reports. China Renaissance upgraded Corning from a “hold” rating to a “buy” rating and set a $238.00 price objective for the company in a research report on Tuesday, September 8th. Truist Financial reaffirmed a “buy” rating and issued a $175.00 price target (down from $182.00) on shares of Corning in a report on Wednesday, October 28th. Bank of America reduced their price target on shares of Corning from $243.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, July 29th. Oppenheimer decreased their price objective on shares of Corning from $230.00 to $200.00 and set an “outperform” rating on the stock in a report on Wednesday, July 29th. Finally, Mizuho lowered their price objective on shares of Corning from $210.00 to $180.00 and set an “outperform” rating for the company in a research report on Tuesday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $175.81.

Corning Price Performance

NYSE:GLW opened at $118.73 on Thursday. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.51. The firm has a market cap of $102.27 billion, a PE ratio of 48.07, a price-to-earnings-growth ratio of 1.55 and a beta of 1.23. Corning has a 12 month low of $77.39 and a 12 month high of $271.78. The company’s 50-day moving average price is $146.40 and its two-hundred day moving average price is $155.44.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. The company had revenue of $5.08 billion during the quarter, compared to analyst estimates of $5.03 billion. Corning had a net margin of 12.13% and a return on equity of 20.83%. The company’s revenue was up 18.9% on a year-over-year basis. During the same quarter last year, the business posted $0.67 earnings per share. On average, equities analysts anticipate that Corning will post 3.37 EPS for the current fiscal year.

Insider Activity at Corning

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

Institutional Trading of Corning

A number of institutional investors have recently bought and sold shares of the business. Western Pacific Wealth Management LP purchased a new stake in Corning in the 3rd quarter worth $25,000. Kings Path Partners LLC acquired a new stake in Corning in the 3rd quarter worth about $25,000. Atwood & Palmer Inc. acquired a new stake in Corning in the 2nd quarter worth about $26,000. Rogco LP purchased a new stake in Corning during the 2nd quarter worth approximately $27,000. Finally, Toth Financial Advisory Corp increased its stake in Corning by 130.7% during the 3rd quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock worth $27,000 after buying an additional 98 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Company Profile

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.