Sanford C. Bernstein Issues Pessimistic Forecast for Corning (NYSE:GLW) Stock Price

Corning (NYSE:GLW) had its price objective cut by stock analysts at Sanford C. Bernstein from $140.00 to $120.00 in a report released on Monday, Benzinga reports. The brokerage currently has a “market perform” rating on the electronics maker’s stock. Sanford C. Bernstein‘s target price would indicate a potential upside of 4.63% from the stock’s previous close.

Several other equities research analysts also recently commented on the stock. Morgan Stanley cut their target price on shares of Corning from $165.00 to $155.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 28th. Weiss Ratings cut shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, August 21st. Mizuho dropped their price target on shares of Corning from $210.00 to $180.00 and set an “outperform” rating for the company in a research note on Tuesday, September 15th. Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating in a report on Thursday. Finally, Wall Street Zen raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Saturday, October 10th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and a consensus price target of $174.56.

Corning Stock Performance

GLW traded up $8.56 during trading on Monday, hitting $114.69. The stock had a trading volume of 3,908,619 shares, compared to its average volume of 11,890,327. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.72 and a quick ratio of 1.17. The company has a 50 day moving average price of $144.47 and a 200-day moving average price of $155.55. Corning has a one year low of $77.39 and a one year high of $271.78. The firm has a market cap of $98.80 billion, a price-to-earnings ratio of 46.41, a P/E/G ratio of 1.31 and a beta of 1.23.

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

Insider Activity at Corning

In related news, EVP Lewis Steverson sold 13,100 shares of the business’s stock in a transaction dated 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 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 position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.25% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. State Street Corp increased its position in shares of Corning by 13.4% during the second quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock valued at $10,500,315,000 after acquiring an additional 4,845,027 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Corning by 29.2% during the 2nd quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock worth $4,784,361,000 after purchasing an additional 4,231,507 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Corning by 50.9% in the 2nd quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock worth $3,365,084,000 after buying an additional 4,446,514 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Corning in the 2nd quarter worth about $1,510,911,000. Finally, Legal & General Group Plc bought a new position in Corning during the second quarter valued at about $1,212,283,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

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.

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