November 23, 2016 - By Adrian Mccoy
An insider of the company Corning Inc Ny, Lawrence Mcrae also its Vice Chairman & Corp. Dev. Off, disclosed his trade activities with the DC-based SEC on November 23, 2016. As published in the document, Lawrence had sold 32,300 shares of the firm. The total sale was worth $776,469 U.S Dollars. At the time of the transaction the price of a share was $24.0. Lawrence now has rights to 112,902 shares accounting for 0.01% of the Company’s market cap
Out of 10 analysts covering Corning Incorporated (NYSE:GLW), 5 rate it a “Buy”, 1 “Sell”, while 4 “Hold”. This means 50% are positive. $27 is the highest target while $15.75 is the lowest. The $21.86 average target is -9.56% below today’s ($24.17) stock price. Corning Incorporated has been the topic of 19 analyst reports since July 30, 2015 according to StockzIntelligence Inc. The stock of Corning Incorporated (NYSE:GLW) earned “Overweight” rating by Barclays Capital on Tuesday, September 29. The firm has “Buy” rating by Citigroup given on Monday, June 20. Drexel Hamilton initiated Corning Incorporated (NYSE:GLW) on Friday, October 9 with “Hold” rating. The firm has “Buy” rating by Citigroup given on Friday, August 26. The rating was maintained by UBS with “Neutral” on Wednesday, October 28. The firm earned “Buy” rating on Tuesday, September 15 by Deutsche Bank. The company was maintained on Wednesday, October 28 by RBC Capital Markets. The stock of Corning Incorporated (NYSE:GLW) has “Buy” rating given on Tuesday, April 12 by Goldman Sachs. The firm earned “Sell” rating on Friday, June 10 by Drexel Hamilton. Goldman Sachs maintained Corning Incorporated (NYSE:GLW) rating on Wednesday, November 2. Goldman Sachs has “Buy” rating and $27 price target.
Insitutional Activity: The institutional sentiment increased to 0.75 in Q2 2016. Its up 0.09, from 0.66 in 2016Q1. The ratio increased, as 52 funds sold all Corning Incorporated shares owned while 339 reduced positions. 49 funds bought stakes while 208 increased positions. They now own 745.73 million shares or 5.03% less from 785.22 million shares in 2016Q1.
Teacher Retirement Of Texas accumulated 0.01% or 79,653 shares. Qs Investors Ltd Liability Company, a New York-based fund reported 61,435 shares. Us Bancorp De, a Minnesota-based fund reported 338,375 shares. Moody Financial Bank Tru Division accumulated 14,140 shares or 0.02% of the stock. The North Carolina-based Altavista Wealth Mgmt Inc has invested 1.8% in Corning Incorporated (NYSE:GLW). Folger Nolan Fleming Douglas Capital Management accumulated 24,300 shares or 0.09% of the stock. Union Bankshares holds 0.94% or 119,168 shares in its portfolio. Pinnacle Associate Ltd has 0.26% invested in the company for 591,995 shares. First Niagara Financial Bank accumulated 0.25% or 42,048 shares. Associated Banc has 162,479 shares for 0.21% of their US portfolio. Aqr Capital Management last reported 0.01% of its portfolio in the stock. Moreover, Bragg Advisors has 0.86% invested in Corning Incorporated (NYSE:GLW) for 233,473 shares. Blackrock Inc last reported 2.23M shares in the company. Rathbone Brothers Public Ltd Co has 0.14% invested in the company for 125,610 shares. The New York-based Teachers has invested 0.07% in Corning Incorporated (NYSE:GLW).
Insider Transactions: Since May 26, 2016, the stock had 0 insider buys, and 28 sales for $24.38 million net activity. ROGUS MARK S also sold $347,360 worth of Corning Incorporated (NYSE:GLW) on Tuesday, November 8. The insider Curran Martin J sold 18,000 shares worth $412,020. 15,000 shares were sold by Clappin James P, worth $345,000. $1.10M worth of Corning Incorporated (NYSE:GLW) shares were sold by Ferrero Lisa. $1.53M worth of Corning Incorporated (NYSE:GLW) was sold by Kinlin Clark S. Another trade for 57,827 shares valued at $1.33 million was made by Morse David L on Thursday, October 27. 7,500 shares were sold by Tripeny R Tony, worth $167,000.
About 2.82M shares traded hands. Corning Incorporated (NYSE:GLW) has risen 15.38% since April 21, 2016 and is uptrending. It has outperformed by 10.06% the S&P500.
Corning Incorporated is engaged in the manufacture of specialty glass and ceramics. The company has a market cap of $23.11 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 12.7 P/E ratio. The Display Technologies segment develops, makes and supplies glass substrates using a fusion manufacturing process.
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)”
Analysts await Corning Incorporated (NYSE:GLW) to report earnings on January, 24. They expect $0.42 earnings per share, up 23.53% or $0.08 from last year’s $0.34 per share. GLW’s profit will be $401.58 million for 14.39 P/E if the $0.42 EPS becomes a reality. After $0.42 actual earnings per share reported by Corning Incorporated for the previous quarter, Wall Street now forecasts 0.00% EPS growth.
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.
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.
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By Adrian Mccoy