January 11, 2017 - By Ruchi Gupta · 0 Comments
Corning Inc (NYSE:GLW) institutional sentiment increased to 0.75 in 2016 Q3. Its up 0.09, from 0.66 in 2016Q2. The ratio improved, as 285 institutional investors opened new or increased equity positions, while 379 trimmed and sold stock positions in Corning Inc. The institutional investors in our partner’s database now have: 704.83 million shares, down from 745.73 million shares in 2016Q2. Also, the number of institutional investors holding Corning Inc in their top 10 equity positions increased from 26 to 36 for an increase of 10. Sold All: 37 Reduced: 342 Increased: 191 New Position: 94.
Corning Incorporated is engaged in the manufacture of specialty glass and ceramics. The company has a market cap of $23.48 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 12.96 P/E ratio. The Display Technologies segment develops, makes and supplies glass substrates using a fusion manufacturing process.
About 2.73M shares traded hands. Corning Incorporated (NYSE:GLW) has risen 16.12% since June 7, 2016 and is uptrending. It has outperformed by 8.70% 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 $399.90 million for 14.68 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)”
Oppenheimer & Close Llc holds 8.03% of its portfolio in Corning Incorporated for 355,147 shares. Kiltearn Partners Llp owns 7.98 million shares or 7.5% of their US portfolio. Moreover, Minneapolis Portfolio Management Group Llc has 7.32% invested in the company for 1.78 million shares. The Pennsylvania-based Quaker Capital Investments Llc has invested 6.8% 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 buys, and 33 insider sales for $28.55 million net activity.
Ratings analysis reveals 50% of Corning Incorporated’s analysts are positive. Out of 12 Wall Street analysts rating Corning Incorporated, 6 give it “Buy”, 1 “Sell” rating, while 5 recommend “Hold”. The lowest target is $15.75 while the high is $28. The stock’s average target of $22.48 is -8.84% below today’s ($24.66) share price. GLW was included in 21 notes of analysts from July 30, 2015. The firm has “Hold” rating by Drexel Hamilton given on Tuesday, January 26. The rating was initiated by Sterne Agee CRT on Tuesday, September 29 with “Neutral”. UBS maintained Corning Incorporated (NYSE:GLW) rating on Wednesday, October 28. UBS has “Neutral” rating and $19 price target. The stock of Corning Incorporated (NYSE:GLW) has “Buy” rating given on Tuesday, April 12 by Goldman Sachs. Guggenheim initiated the shares of GLW in a report on Wednesday, January 4 with “Buy” rating. Citigroup maintained the stock with “Buy” rating in Friday, August 26 report. RBC Capital Markets maintained Corning Incorporated (NYSE:GLW) on Wednesday, October 28 with “Outperform” rating. The firm has “Neutral” rating given on Friday, September 25 by Goldman Sachs. Deutsche Bank initiated it with “Buy” rating and $21 target price in Tuesday, September 15 report. Drexel Hamilton initiated the stock with “Hold” rating in Friday, October 9 report.
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.
Another recent and important Corning Incorporated (NYSE:GLW) news was published by Finance.Yahoo.com which published an article titled: “Belden and Corning Optical Communications RF LLC to Collaborate on Global …” on January 11, 2017.
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By Ruchi Gupta