Guggenheim Reiterates Buy Rating for Corning Incorporated (GLW)
Corning Incorporated (NYSE:GLW)‘s stock had its “buy” rating reiterated by Guggenheim in a research note issued on Thursday. They presently have a $35.00 price target on the electronics maker’s stock. Guggenheim’s target price would indicate a potential upside of 16.47% from the stock’s previous close.
The analysts wrote, “We met with GLW management yesterday at its HQ in Corning, NY (including CEO, CFO, CSO, CTO) and came away positive on its long-term R&D and TAM expansion prospects, as we expected, but also positive on GLW’s near-term ability to maintain momentum even in the face of some choppier end markets. Display glass seems able to withstand LCD panel cyclicality thanks to increasing screen sizes and, even more importantly, ongoing moderation in ASP declines. Optical Comms growth remains strong, driven by US FTTH, with GLW “sold out,” and Gorilla Glass should keep re-accelerating as new iPhones now double their content to front AND back. We think GLW showed the strengths of investing in applied R&D, with sizeable long- term TAM expansion opportunities headlined by Automotive Gorilla Glass and its new pharmaceutical Valor Glass, where we received an impassioned deep-dive from CEO, Wendell Weeks.””
A number of other analysts have also recently commented on GLW. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Drexel Hamilton reiterated a “sell” rating on shares of Corning in a research note on Monday, June 19th. Morgan Stanley reiterated an “equal weight” rating and issued a $29.00 price target (up previously from $26.00) on shares of Corning in a research note on Monday, June 19th. Vetr upgraded shares of Corning from a “sell” rating to a “buy” rating and set a $33.69 price target for the company in a research note on Wednesday, June 28th. Finally, Susquehanna Bancshares Inc reiterated a “positive” rating on shares of Corning in a research note on Thursday, July 13th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Corning currently has an average rating of “Hold” and an average target price of $28.98.
Corning (NYSE:GLW) opened at 30.05 on Thursday. The company has a 50-day moving average of $28.89 and a 200 day moving average of $28.87. Corning has a one year low of $22.23 and a one year high of $32.17. The company has a market cap of $27.14 billion, a P/E ratio of 13.42 and a beta of 1.40.
Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. The firm had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.37 earnings per share. Equities research analysts predict that Corning will post $1.70 EPS for the current year.
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In related news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the firm’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $28.61, for a total transaction of $1,376,856.25. Following the transaction, the insider now directly owns 136,079 shares of the company’s stock, valued at $3,893,220.19. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Christine M. Pambianchi sold 33,000 shares of the firm’s stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $28.56, for a total transaction of $942,480.00. Following the transaction, the vice president now directly owns 73,145 shares in the company, valued at $2,089,021.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 127,888 shares of company stock worth $3,653,485. 0.59% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. GLG Partners LP bought a new position in Corning in the 2nd quarter valued at about $102,000. Jacobus Wealth Management Inc. bought a new position in Corning in the 1st quarter valued at about $108,000. MPS Loria Financial Planners LLC bought a new position in Corning in the 2nd quarter valued at about $112,000. Clean Yield Group bought a new position in Corning in the 1st quarter valued at about $122,000. Finally, Central Bank & Trust Co. increased its holdings in Corning by 8.8% in the 2nd quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock valued at $128,000 after buying an additional 345 shares during the period. 71.30% of the stock is currently owned by institutional investors and hedge funds.
Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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