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

Corning (NYSE:GLW) was downgraded by stock analysts at Wall Street Zen from a “strong-buy” rating to a “hold” rating in a note issued to investors on Saturday.

A number of other brokerages have also commented on GLW. UBS Group raised Corning from a “neutral” rating to a “buy” rating and increased their price target for the company from $65.00 to $84.00 in a research note on Tuesday, September 2nd. Mizuho increased their price target on Corning from $63.00 to $74.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. JPMorgan Chase & Co. increased their price target on Corning from $62.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday, July 25th. Wolfe Research initiated coverage on Corning in a research note on Tuesday, July 8th. They set an “outperform” rating for the company. Finally, Morgan Stanley set a $56.00 price target on Corning and gave the company an “equal weight” rating in a research note on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $66.75.

Corning Stock Performance

NYSE GLW opened at $77.03 on Friday. The firm has a market cap of $65.99 billion, a price-to-earnings ratio of 81.95, a price-to-earnings-growth ratio of 1.69 and a beta of 1.09. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The business has a 50-day moving average price of $62.75 and a 200-day moving average price of $52.48. Corning has a twelve month low of $37.31 and a twelve month high of $77.87.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. Corning had a return on equity of 17.27% and a net margin of 5.77%.The company had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.84 billion. During the same period in the prior year, the company earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, equities research analysts predict that Corning will post 2.33 EPS for the current fiscal year.

Insider Transactions at Corning

In other news, COO Avery H. Nelson III sold 36,240 shares of the stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total value of $2,256,302.40. Following the sale, the chief operating officer directly owned 64,838 shares in the company, valued at approximately $4,036,813.88. This represents a 35.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Michael Paul O’day sold 14,879 shares of the stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total value of $927,854.44. Following the completion of the sale, the senior vice president owned 35,743 shares in the company, valued at approximately $2,228,933.48. The trade was a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 163,950 shares of company stock valued at $10,449,192. Company insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Corning

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Corning by 1.6% in the second quarter. Vanguard Group Inc. now owns 97,952,109 shares of the electronics maker’s stock worth $5,151,301,000 after buying an additional 1,582,895 shares during the period. State Street Corp increased its holdings in Corning by 1.4% during the 2nd quarter. State Street Corp now owns 36,568,973 shares of the electronics maker’s stock worth $1,923,162,000 after purchasing an additional 509,013 shares during the period. Geode Capital Management LLC increased its holdings in Corning by 0.6% during the 2nd quarter. Geode Capital Management LLC now owns 19,443,525 shares of the electronics maker’s stock worth $1,018,629,000 after purchasing an additional 112,739 shares during the period. Ameriprise Financial Inc. increased its holdings in Corning by 8.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 13,763,148 shares of the electronics maker’s stock worth $724,432,000 after purchasing an additional 1,036,988 shares during the period. Finally, Norges Bank purchased a new position in Corning during the 2nd quarter worth $534,936,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

About Corning

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.