Corning (NYSE:GLW) Earns Outperform Rating from Analysts at Wolfe Research

Investment analysts at Wolfe Research assumed coverage on shares of Corning (NYSE:GLW - Get Free Report) in a report released on Tuesday, Marketbeat.com reports. The brokerage set an "outperform" rating on the electronics maker's stock.

A number of other equities analysts have also commented on the stock. Bank of America increased their price target on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. JPMorgan Chase & Co. reduced their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Citigroup lowered their price objective on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a report on Monday, April 14th. Mizuho set a $52.00 target price on shares of Corning in a research report on Tuesday, April 15th. Finally, Oppenheimer decreased their target price on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $53.92.

Corning Price Performance

Shares of Corning stock traded up $0.34 on Tuesday, reaching $52.72. The stock had a trading volume of 4,314,283 shares, compared to its average volume of 5,630,749. The business's 50 day moving average is $49.27 and its two-hundred day moving average is $48.13. The company has a market cap of $45.15 billion, a P/E ratio of 101.38, a price-to-earnings-growth ratio of 1.43 and a beta of 1.11. Corning has a 1 year low of $37.18 and a 1 year high of $55.33. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.51 by $0.03. Corning had a return on equity of 16.47% and a net margin of 3.34%. The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter last year, the business posted $0.38 earnings per share. The firm's revenue was up 12.9% compared to the same quarter last year. As a group, research analysts anticipate that Corning will post 2.33 EPS for the current year.

Insiders Place Their Bets

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the firm's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the completion of the sale, the vice president owned 9,610 shares of the company's stock, valued at $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 75,796 shares of company stock valued at $3,632,635 over the last ninety days. 0.32% of the stock is owned by corporate insiders.

Institutional Trading of Corning

Institutional investors and hedge funds have recently bought and sold shares of the stock. LMR Partners LLP lifted its holdings in shares of Corning by 140.1% during the fourth quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock valued at $57,045,000 after purchasing an additional 700,442 shares during the last quarter. Assetmark Inc. lifted its holdings in shares of Corning by 101.5% during the fourth quarter. Assetmark Inc. now owns 1,076 shares of the electronics maker's stock valued at $51,000 after purchasing an additional 542 shares during the last quarter. Gotham Asset Management LLC purchased a new position in shares of Corning during the fourth quarter valued at approximately $306,000. GAMMA Investing LLC raised its holdings in Corning by 29.2% in the 1st quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock worth $520,000 after acquiring an additional 2,567 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC raised its holdings in Corning by 1.3% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock worth $1,024,000 after acquiring an additional 297 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other 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.