Hsbc Global Res Upgrades Corning (NYSE:GLW) to Hold

Corning (NYSE:GLW) was upgraded by stock analysts at Hsbc Global Res from a “moderate sell” rating to a “hold” rating in a research note issued to investors on Tuesday, Zacks.com reports.

Several other analysts have also recently weighed in on the stock. Susquehanna reaffirmed a “positive” rating and set a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. Citigroup raised their price target on Corning from $38.00 to $45.00 and gave the company a “buy” rating in a report on Friday, June 21st. Bank of America boosted their price objective on Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. Morgan Stanley increased their target price on Corning from $38.00 to $39.00 and gave the stock an “equal weight” rating in a report on Tuesday. Finally, HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target for the company in a report on Tuesday. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $42.92.

Corning Stock Performance

NYSE:GLW opened at $45.48 on Tuesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The firm’s 50-day moving average is $37.36 and its 200-day moving average is $33.73. Corning has a 52-week low of $25.26 and a 52-week high of $45.72. The company has a market cap of $38.96 billion, a price-to-earnings ratio of 64.06, a PEG ratio of 1.85 and a beta of 1.05.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. The business had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. Corning’s revenue was down 11.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 earnings per share. Equities research analysts anticipate that Corning will post 1.91 earnings per share for the current year.

Insider Activity

In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the transaction, the executive vice president now owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the transaction, the executive vice president now owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John Z. Zhang sold 12,546 shares of Corning stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total value of $419,287.32. Following the sale, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The disclosure for this sale can be found here. Insiders sold 175,207 shares of company stock worth $5,876,067 in the last quarter. Corporate insiders own 0.45% of the company’s stock.

Hedge Funds Weigh In On Corning

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bridgefront Capital LLC bought a new position in Corning in the 4th quarter valued at approximately $813,000. Natixis Advisors L.P. grew its stake in shares of Corning by 29.6% during the fourth quarter. Natixis Advisors L.P. now owns 131,323 shares of the electronics maker’s stock worth $3,998,000 after buying an additional 30,001 shares during the last quarter. Wahed Invest LLC increased its holdings in shares of Corning by 8.6% during the fourth quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock worth $395,000 after buying an additional 1,028 shares in the last quarter. KMG Fiduciary Partners LLC bought a new position in shares of Corning in the 4th quarter valued at $1,199,000. Finally, Belpointe Asset Management LLC lifted its stake in shares of Corning by 26.4% in the 4th quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock valued at $253,000 after acquiring an additional 1,740 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.