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

According to Zacks, “Corning delivered healthy third-quarter 2018 results driven by sales and profit growth in each of its businesses led by investment in innovation and capacity expansions. Solid demand for Gorilla Glass 5 and fiber optic products remain key catalyst as it continues to innovate in the glass substrate industry. Corning’s capability further positions it to better serve the secular increase in demand for LCD panels. The stock has outperformed the industry in the past six months on an average. However, building a significant position in China under the prevailing economic and political environment is likely to be a challenge for the company. Limited use of sapphire substrates makes its manufacturing process a bit expensive and wasteful. Slowdown in core markets is likely to erode its margins. Corning further faces price erosion in the display business, which is likely to affect its profitability.”

Other analysts have also issued reports about the stock. TheStreet upgraded shares of Corning from a “c+” rating to a “b” rating in a research note on Wednesday, July 25th. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a research report on Thursday, July 26th. Guggenheim reissued a “buy” rating on shares of Corning in a research report on Wednesday, July 25th. Citigroup raised Corning from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $32.50 to $40.00 in a research report on Friday, September 14th. Finally, UBS Group set a $33.00 price objective on Corning and gave the stock a “hold” rating in a research report on Tuesday, October 23rd. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Corning presently has a consensus rating of “Hold” and an average price target of $36.00.

NYSE:GLW traded down $0.05 on Tuesday, reaching $31.11. 158,652 shares of the company’s stock were exchanged, compared to its average volume of 6,941,843. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.13 and a quick ratio of 1.51. The firm has a market capitalization of $25.64 billion, a PE ratio of 18.05, a price-to-earnings-growth ratio of 2.06 and a beta of 1.28. Corning has a 52-week low of $26.11 and a 52-week high of $36.56.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.03. The company had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.99 billion. Corning had a negative net margin of 5.86% and a positive return on equity of 13.22%. The business’s revenue for the quarter was up 15.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.40 earnings per share. Analysts expect that Corning will post 1.77 EPS for the current fiscal year.

In other news, VP Christine M. Pambianchi sold 10,000 shares of the business’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $33.42, for a total transaction of $334,200.00. Following the completion of the transaction, the vice president now directly owns 50,403 shares of the company’s stock, valued at $1,684,468.26. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Vice Chairman Lawrence D. Mcrae sold 30,667 shares of the business’s stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $36.18, for a total value of $1,109,532.06. Following the transaction, the insider now directly owns 146,049 shares of the company’s stock, valued at $5,284,052.82. The disclosure for this sale can be found here. Over the last three months, insiders have sold 59,892 shares of company stock valued at $2,087,018. Corporate insiders own 0.46% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Moody Aldrich Partners LLC purchased a new stake in Corning in the second quarter valued at approximately $51,526,000. TRUE Private Wealth Advisors purchased a new stake in Corning in the third quarter valued at approximately $100,000. Mitsubishi UFJ Securities Holdings Co. Ltd. lifted its stake in Corning by 711.4% in the third quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 2,840 shares of the electronics maker’s stock valued at $100,000 after buying an additional 2,490 shares during the last quarter. Trustcore Financial Services LLC lifted its stake in Corning by 233.3% in the third quarter. Trustcore Financial Services LLC now owns 3,000 shares of the electronics maker’s stock valued at $106,000 after buying an additional 2,100 shares during the last quarter. Finally, NEXT Financial Group Inc purchased a new stake in Corning in the third quarter valued at approximately $117,000. 70.22% of the stock is owned by institutional investors and hedge funds.

Corning Company Profile

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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