Corning (NYSE:GLW) Upgraded by HSBC to Buy Rating

HSBC upgraded shares of Corning (NYSE:GLW) from a hold rating to a buy rating in a report released on Thursday, MarketBeat.com reports. The firm currently has $60.00 target price on the electronics maker’s stock, up from their prior target price of $51.00.

GLW has been the topic of a number of other reports. UBS Group raised their price target on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Citigroup boosted their price target on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Morgan Stanley increased their price objective on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Barclays reduced their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Finally, JPMorgan Chase & Co. raised their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Stock Performance

Shares of GLW opened at $49.93 on Thursday. Corning has a 52 week low of $30.72 and a 52 week high of $55.33. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The stock has a market cap of $42.75 billion, a price-to-earnings ratio of 86.08, a PEG ratio of 1.35 and a beta of 1.04. The business has a 50-day simple moving average of $48.67 and a two-hundred day simple moving average of $45.60.

Corning (NYSE:GLW) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.01%. On average, analysts expect that Corning will post 2.3 EPS for the current year.

Insider Buying and Selling at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Hedge Funds Weigh In On Corning

A number of large investors have recently added to or reduced their stakes in GLW. Sierra Ocean LLC purchased a new stake in shares of Corning during the fourth quarter worth about $25,000. JFS Wealth Advisors LLC grew its holdings in shares of Corning by 171.8% during the fourth quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker’s stock valued at $38,000 after buying an additional 512 shares during the last quarter. J.P. Marvel Investment Advisors LLC increased its position in shares of Corning by 0.9% in the 4th quarter. J.P. Marvel Investment Advisors LLC now owns 258,026 shares of the electronics maker’s stock valued at $12,261,000 after acquiring an additional 2,315 shares during the period. Secured Retirement Advisors LLC purchased a new position in Corning in the 4th quarter worth $1,836,000. Finally, Allworth Financial LP lifted its position in Corning by 1.1% during the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock worth $930,000 after acquiring an additional 220 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Corning Company Profile

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.