Corning (NYSE:GLW) Downgraded by Wall Street Zen to "Hold"

Key Points

• Wall Street Zen downgraded Corning from “Buy” to “Hold,” though the broader analyst consensus remains “Moderate Buy,” with an average price target of $174.08.
• Corning reported better-than-expected quarterly results, posting $0.78 in EPS versus the $0.76 consensus and $4.74 billion in revenue, up 17.1% year over year.
• Shares opened at $149.91, below their 50-day and 200-day moving averages. CEO Wendell P. Weeks also sold 100,000 shares, while institutional investors own 69.8% of the company.

Corning (NYSE:GLW - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report issued on Monday.

GLW has been the subject of a number of other reports. UBS Group restated a "buy" rating and set a $196.00 price objective on shares of Corning in a research note on Wednesday, July 29th. Mizuho cut their target price on Corning from $270.00 to $210.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 29th. Zacks Research downgraded shares of Corning from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 26th. Barclays lowered their price target on shares of Corning from $180.00 to $129.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 29th. Finally, Weiss Ratings cut shares of Corning from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Corning presently has an average rating of "Moderate Buy" and an average target price of $174.08.

Corning Stock Performance

Shares of NYSE GLW opened at $149.91 on Monday. The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. The firm's 50-day moving average price is $174.83 and its two-hundred day moving average price is $163.72. Corning has a 52-week low of $65.09 and a 52-week high of $271.78. The stock has a market capitalization of $129.13 billion, a P/E ratio of 68.45, a P/E/G ratio of 1.92 and a beta of 1.14.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 EPS for the quarter, beating the consensus estimate of $0.76 by $0.02. The company had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%.The business's revenue was up 17.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, sell-side analysts forecast that Corning will post 3.27 earnings per share for the current year.

Insider Activity at Corning

In other news, CEO Wendell P. Weeks sold 100,000 shares of the company's stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total value of $18,646,000.00. Following the completion of the sale, the chief executive officer owned 908,353 shares in the company, valued at $169,371,500.38. This represents a 9.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.25% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Corning

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Corning by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 99,283,317 shares of the electronics maker's stock worth $8,693,247,000 after buying an additional 580,678 shares during the period. State Street Corp boosted its holdings in shares of Corning by 1.2% in the third quarter. State Street Corp now owns 37,008,856 shares of the electronics maker's stock worth $3,035,836,000 after buying an additional 439,883 shares during the period. Geode Capital Management LLC increased its position in shares of Corning by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 20,411,824 shares of the electronics maker's stock worth $1,781,250,000 after acquiring an additional 517,067 shares in the last quarter. Bank of America Corp DE increased its position in shares of Corning by 29.2% in the second quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker's stock worth $4,784,361,000 after acquiring an additional 4,231,507 shares in the last quarter. Finally, Capital Research Global Investors raised its holdings in shares of Corning by 52.7% during the fourth quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker's stock valued at $1,478,959,000 after acquiring an additional 5,831,873 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Company Profile

Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.

Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source