Zacks Investment Research Lowers Corning (GLW) to Hold

Corning (NYSE:GLW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.

According to Zacks, “Corning is benefiting from strength in the company’s Optical Communications, Environmental Technologies and Life Sciences business lines. Strong demand for Gorilla Glass 5 and its fiber optics products is a key catalyst. The company also benefits from sequential decline in LCD glass prices. Strong demand for company’s Gorilla-sized automotive glass business and additional contract wins are positives. Improvement in heavy-duty diesel truck demand and new gasoline particulate filter business boost diesel sales. Further, penetration into developing regions and product portfolio expansion are tailwinds. Aggressive share buyback favors bottom line growth. However, weakness in the Display segment remains a headwind. Shares of the company have underperformed industry in the past year.”

Several other research analysts also recently commented on the stock. Citigroup lifted their target price 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. Guggenheim restated a “buy” rating on shares of Corning in a report on Tuesday, January 30th. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Oppenheimer reiterated a “hold” rating on shares of Corning in a research note on Wednesday, January 31st. Finally, TheStreet cut shares of Corning from a “b-” rating to a “c+” rating in a research note on Wednesday, February 28th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $31.14.

Shares of Corning traded down $0.19, reaching $27.57, during trading hours on Tuesday, Marketbeat reports. The stock had a trading volume of 106,467 shares, compared to its average volume of 6,008,175. The company has a current ratio of 2.56, a quick ratio of 1.95 and a debt-to-equity ratio of 0.39. Corning has a 12 month low of $26.11 and a 12 month high of $35.10. The firm has a market capitalization of $22.99 billion, a P/E ratio of 16.03, a price-to-earnings-growth ratio of 4.02 and a beta of 1.35.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 24th. The electronics maker reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.01. The business had revenue of $2.50 billion during the quarter, compared to analyst estimates of $2.49 billion. Corning had a negative net margin of 11.44% and a positive return on equity of 11.66%. Corning’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.36 earnings per share. sell-side analysts predict that Corning will post 1.72 EPS for the current year.

In related news, VP Christine M. Pambianchi sold 1,000 shares of Corning stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $29.90, for a total transaction of $29,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.46% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of GLW. Advisor Partners LLC lifted its stake in shares of Corning by 7.8% in the 4th quarter. Advisor Partners LLC now owns 21,626 shares of the electronics maker’s stock valued at $750,000 after purchasing an additional 1,564 shares during the last quarter. Bronfman E.L. Rothschild L.P. increased its holdings in shares of Corning by 19.5% in the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 10,331 shares of the electronics maker’s stock valued at $330,000 after acquiring an additional 1,684 shares during the last quarter. Lido Advisors LLC increased its holdings in shares of Corning by 11.2% in the 4th quarter. Lido Advisors LLC now owns 17,081 shares of the electronics maker’s stock valued at $546,000 after acquiring an additional 1,714 shares during the last quarter. Denali Advisors LLC increased its holdings in shares of Corning by 0.7% in the 4th quarter. Denali Advisors LLC now owns 245,400 shares of the electronics maker’s stock valued at $7,850,000 after acquiring an additional 1,800 shares during the last quarter. Finally, Telemus Capital LLC increased its holdings in shares of Corning by 4.9% in the 4th quarter. Telemus Capital LLC now owns 39,053 shares of the electronics maker’s stock valued at $1,249,000 after acquiring an additional 1,829 shares during the last quarter. Hedge funds and other institutional investors own 70.13% of the company’s stock.

About Corning

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

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