Today’s Stock On Watch: Corning Inc (NYSE:GLW) Institutional Investor Positioning

November 24, 2016 - By Louis Casey   ·   0 Comments

Today's Stock On Watch: Corning Inc (NYSE:GLW) Institutional Investor Positioning

Sentiment for Corning Inc (NYSE:GLW)

Corning Inc (NYSE:GLW) institutional sentiment increased to 0.75 in Q2 2016. Its up 0.09, from 0.66 in 2016Q1. The ratio improved, as 257 hedge funds increased or opened new positions, while 391 sold and decreased holdings in Corning Inc. The hedge funds in our partner’s database now have: 745.73 million shares, down from 785.22 million shares in 2016Q1. Also, the number of hedge funds holding Corning Inc in their top 10 positions decreased from 31 to 26 for a decrease of 5. Sold All: 52 Reduced: 339 Increased: 208 New Position: 49.

Corning Incorporated is engaged in the manufacture of specialty glass and ceramics. The company has a market cap of $23.14 billion. The Firm operates in five divisions: Display Technologies, which makes glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which makes ceramic substrates and filter products; Specialty Materials, which makes products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, maker and supplier of scientific laboratory products. It has a 12.71 P/E ratio. The Display Technologies segment develops, makes and supplies glass substrates using a fusion manufacturing process.

The stock increased 0.79% or $0.19 on November 23, hitting $24.19. About 4.58M shares traded hands. Corning Incorporated (NYSE:GLW) has risen 15.25% since April 22, 2016 and is uptrending. It has outperformed by 9.84% the S&P500.

Analysts await Corning Incorporated (NYSE:GLW) to report earnings on January, 24. They expect $0.42 EPS, up 23.53% or $0.08 from last year’s $0.34 per share. GLW’s profit will be $401.77 million for 14.40 P/E if the $0.42 EPS becomes a reality. After $0.42 actual EPS reported by Corning Incorporated for the previous quarter, Wall Street now forecasts 0.00% EPS growth.

According to Zacks Investment Research, “Corning Incorporated creates leading-edge technologies for the fastest-growing markets of the world’s economy. Corning manufactures optical fiber, cable and photonic products for the telecommunications industry; and high-performance displays and components for television and other communications-related industries. The company also uses advanced materials to manufacture products for scientific, semiconductor and environmental markets. (Company Press Release)”

Kiltearn Partners Llp holds 7.22% of its portfolio in Corning Incorporated for 7.81 million shares. Oppenheimer & Close Llc owns 357,147 shares or 6.88% of their US portfolio. Moreover, Quaker Capital Investments Llc has 6.83% invested in the company for 809,200 shares. The Minnesota-based Minneapolis Portfolio Management Group Llc has invested 6.61% in the stock. Towerview Llc, a New York-based fund reported 600,000 shares.#img1#

Insider Transactions: Since January 1, 0001, the stock had 0 insider buys, and 30 sales for $27.42 million net activity.

Corning Incorporated (NYSE:GLW) Ratings Coverage

Ratings analysis reveals 50% of Corning Incorporated’s analysts are positive. Out of 10 Wall Street analysts rating Corning Incorporated, 5 give it “Buy”, 1 “Sell” rating, while 4 recommend “Hold”. The lowest target is $15.75 while the high is $27. The stock’s average target of $21.86 is -9.63% below today’s ($24.19) share price. GLW was included in 19 notes of analysts from July 30, 2015. The firm earned “Buy” rating on Tuesday, September 15 by Deutsche Bank. Deutsche Bank maintained Corning Incorporated (NYSE:GLW) rating on Wednesday, October 26. Deutsche Bank has “Buy” rating and $26 price target. The firm earned “Overweight” rating on Tuesday, September 29 by Barclays Capital. Goldman Sachs maintained the stock with “Buy” rating in Wednesday, November 2 report. The firm has “Neutral” rating given on Tuesday, September 29 by Sterne Agee CRT. The firm has “Neutral” rating by Goldman Sachs given on Friday, September 25. As per Thursday, December 17, the company rating was downgraded by JP Morgan. On Wednesday, October 28 the stock rating was maintained by RBC Capital Markets with “Outperform”. Citigroup initiated the shares of GLW in a report on Monday, June 20 with “Buy” rating. The stock of Corning Incorporated (NYSE:GLW) has “Hold” rating given on Friday, October 9 by Drexel Hamilton.

GLW Company Profile

Corning Incorporated (Corning), incorporated on December 24, 1936, is engaged in the manufacture of specialty glass and ceramics. Corning operates in five divisions: Display Technologies, which makes glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which makes ceramic substrates and filter products; Specialty Materials, which makes products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, maker and supplier of scientific laboratory products. The Firm makes and processes products at approximately 90 plants in over 20 countries. Corning offers its products under the trademarks, including Corning, Celcor, ClearCurve, DuraTrap, Eagle XG, Epic, Gorilla, HPFS, Pyrex, Steuben, Falcon, SMF-28e and Willow.

More news for Corning Incorporated (NYSE:GLW) were recently published by: Fool.com, which released: “Corning Incorporated Sees (Even) Better Days Ahead” on October 26, 2016. Stargazette.com‘s article titled: “Corning Inc. veterans honored at company ceremony” and published on November 15, 2016 is yet another important article.

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By Louis Casey


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