Corning (NYSE:GLW) Stock Rating Lowered by Citigroup

Corning (NYSE:GLWGet Rating) was downgraded by analysts at Citigroup from a “buy” rating to a “neutral” rating in a report issued on Monday, Marketbeat.com reports. They presently have a $37.00 price target on the electronics maker’s stock, down from their prior price target of $46.00. Citigroup’s price target points to a potential upside of 11.21% from the company’s previous close.

Several other equities research analysts have also commented on GLW. Barclays lowered shares of Corning from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $53.00 to $38.00 in a research note on Wednesday, May 11th. Bank of America decreased their price target on shares of Corning from $48.00 to $45.00 in a research note on Tuesday, January 25th. The Goldman Sachs Group restated a “buy” rating and set a $50.00 price target on shares of Corning in a research note on Friday, March 11th. Morgan Stanley restated a “hold” rating and set a $40.00 price target on shares of Corning in a research note on Thursday, April 14th. Finally, Susquehanna Bancshares upgraded shares of Corning from a “neutral” rating to a “positive” rating and raised their price target for the stock from $38.00 to $50.00 in a research note on Friday, January 28th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $45.18.

NYSE:GLW opened at $33.27 on Monday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.04 and a current ratio of 1.55. The firm has a market cap of $28.10 billion, a price-to-earnings ratio of 26.62, a price-to-earnings-growth ratio of 2.28 and a beta of 0.92. Corning has a 52 week low of $32.24 and a 52 week high of $44.24. The firm has a 50-day moving average price of $35.68 and a two-hundred day moving average price of $37.57.

Corning (NYSE:GLWGet Rating) last posted its quarterly earnings data on Tuesday, April 26th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.50 by $0.04. The firm had revenue of $3.74 billion during the quarter, compared to analyst estimates of $3.55 billion. Corning had a net margin of 13.05% and a return on equity of 21.56%. The company’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same quarter last year, the business posted $0.45 EPS. As a group, sell-side analysts forecast that Corning will post 2.36 earnings per share for the current year.

In other news, VP Michael Alan Bell sold 12,529 shares of Corning stock in a transaction on Friday, April 1st. The shares were sold at an average price of $36.24, for a total transaction of $454,050.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Robert P. France sold 2,190 shares of Corning stock in a transaction on Wednesday, April 20th. The stock was sold at an average price of $35.03, for a total transaction of $76,715.70. Following the sale, the vice president now directly owns 30,000 shares of the company’s stock, valued at $1,050,900. The disclosure for this sale can be found here. 0.36% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. UBS Asset Management Americas Inc. raised its position in Corning by 2.7% in the 3rd quarter. UBS Asset Management Americas Inc. now owns 2,877,835 shares of the electronics maker’s stock worth $105,012,000 after purchasing an additional 75,752 shares during the period. Magnolia Capital Management Ltd. purchased a new position in Corning in the 4th quarter worth $149,000. Foundation Resource Management Inc. raised its position in Corning by 96.7% in the 4th quarter. Foundation Resource Management Inc. now owns 201,986 shares of the electronics maker’s stock worth $7,520,000 after purchasing an additional 99,284 shares during the period. Kestra Advisory Services LLC raised its position in Corning by 55.0% in the 4th quarter. Kestra Advisory Services LLC now owns 95,428 shares of the electronics maker’s stock worth $3,553,000 after purchasing an additional 33,850 shares during the period. Finally, Gotham Asset Management LLC raised its position in Corning by 15.1% in the 3rd quarter. Gotham Asset Management LLC now owns 216,092 shares of the electronics maker’s stock worth $7,885,000 after purchasing an additional 28,277 shares during the period. 68.71% of the stock is owned by institutional investors.

About Corning (Get Rating)

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.

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