Zacks Investment Research Upgrades Corning (GLW) to Buy
Corning (NYSE:GLW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage presently has a $36.00 price objective on the electronics maker’s stock. Zacks Investment Research‘s price target points to a potential upside of 11.04% from the company’s previous close.
According to Zacks, “Corning is a worldwide provider of connectivity solutions. The company has been supplementing its portfolio with various acquisitions. Most recently, the company announced that it has agreed to take over 3M Company’s Communication Markets Division for $900 million. Corning is benefiting from robust performance in the company’s Optical Communications and Specialty Materials business lines. Moreover, strong demand for Gorilla Glass 5 (GG5) and its fiber optics products is a key catalyst. Moreover, the company remains focused on expanding its footprint in the automotive market driven by gas particulate filters (GPFs) and a Gorilla-sized automotive glass business. Further, aggressive share buyback in accordance with the strategy & capital allocation framework will also boost bottom line growth. On a year-to-date basis, the stock has outperformed the industry it belongs to. However, weakness in the Display segment remains a headwind.”
GLW has been the subject of several other reports. BidaskClub raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Oppenheimer reaffirmed a “hold” rating on shares of Corning in a research report on Wednesday, October 25th. Susquehanna Bancshares reaffirmed a “positive” rating and issued a $35.00 price objective on shares of Corning in a research report on Thursday, August 24th. Guggenheim reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Corning in a research report on Thursday, September 21st. Finally, Citigroup increased their price target on shares of Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $29.76.
Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.02. The firm had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. Corning’s revenue was up 4.0% on a year-over-year basis. During the same period last year, the firm posted $0.42 EPS. research analysts anticipate that Corning will post 1.7 earnings per share for the current fiscal year.
In other news, Director Hansel E. Tookes II sold 6,513 shares of the firm’s stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $31.60, for a total transaction of $205,810.80. Following the sale, the director now owns 88,946 shares of the company’s stock, valued at approximately $2,810,693.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Wendell P. Weeks sold 248,857 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $31.37, for a total transaction of $7,806,644.09. Following the sale, the chief executive officer now directly owns 65,333 shares in the company, valued at approximately $2,049,496.21. The disclosure for this sale can be found here. In the last quarter, insiders sold 296,644 shares of company stock worth $9,321,488. 0.59% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. GLG Partners LP acquired a new stake in shares of Corning during the 2nd quarter worth approximately $102,000. Benjamin F. Edwards & Company Inc. grew its stake in Corning by 241.6% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after acquiring an additional 2,650 shares during the period. MPS Loria Financial Planners LLC acquired a new stake in Corning in the 2nd quarter valued at $112,000. IHT Wealth Management LLC grew its stake in Corning by 13.4% in the 2nd quarter. IHT Wealth Management LLC now owns 4,117 shares of the electronics maker’s stock valued at $165,000 after acquiring an additional 485 shares during the period. Finally, Harfst & Associates Inc. grew its stake in Corning by 44.7% in the 2nd quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock valued at $143,000 after acquiring an additional 1,481 shares during the period. 72.11% of the stock is currently owned by institutional investors and hedge funds.
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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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