Corning (GLW) Rating Increased to Buy at ValuEngine
Corning (NYSE:GLW) was upgraded by stock analysts at ValuEngine from a “hold” rating to a “buy” rating in a note issued to investors on Friday, February 2nd.
Several other research analysts also recently commented on the stock. Oppenheimer reaffirmed a “hold” rating on shares of Corning in a research note on Wednesday, January 31st. Guggenheim reaffirmed a “buy” rating on shares of Corning in a research note on Tuesday, January 30th. Citigroup raised their price target on shares of Corning from $33.00 to $35.00 and gave the stock a “neutral” rating in a research note on Thursday, January 25th. Barclays set a $38.00 price target on shares of Corning and gave the stock a “buy” rating in a research note on Wednesday, January 10th. Finally, Zacks Investment Research downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Friday, December 22nd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $31.47.
Corning (NYSE:GLW) traded up $0.02 during mid-day trading on Friday, reaching $29.54. 7,230,625 shares of the company traded hands, compared to its average volume of 7,860,000. The stock has a market cap of $25,670.00, a P/E ratio of -37.39, a PEG ratio of 4.37 and a beta of 1.34. Corning has a 52 week low of $26.32 and a 52 week high of $35.10. The company has a quick ratio of 2.22, a current ratio of 2.75 and a debt-to-equity ratio of 0.35.
In related news, Director Deborah Rieman sold 2,083 shares of Corning stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $32.16, for a total value of $66,989.28. Following the completion of the sale, the director now directly owns 102,896 shares in the company, valued at approximately $3,309,135.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of Corning stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $32.42, for a total transaction of $1,675,335.92. Following the completion of the sale, the insider now owns 136,032 shares of the company’s stock, valued at $4,410,157.44. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. MPS Loria Financial Planners LLC acquired a new stake in Corning in the 2nd quarter worth approximately $112,000. Benjamin F. Edwards & Company Inc. boosted 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 worth $112,000 after purchasing an additional 2,650 shares in the last quarter. Motco raised its position in Corning by 150.4% during the 4th quarter. Motco now owns 3,538 shares of the electronics maker’s stock worth $113,000 after buying an additional 2,125 shares during the last quarter. Financial Advocates Investment Management purchased a new position in Corning during the 4th quarter worth approximately $130,000. Finally, Cable Hill Partners LLC raised its position in Corning by 1,041.3% during the 3rd quarter. Cable Hill Partners LLC now owns 5,273 shares of the electronics maker’s stock worth $158,000 after buying an additional 4,811 shares during the last quarter. Institutional investors own 71.82% of the company’s stock.
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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