Corning (GLW) Receives a Hold from Oppenheimer

By Jason Carr

In a report released today, Martin Yang from Oppenheimer maintained a Hold rating on Corning (GLWResearch Report). The company’s shares closed last Tuesday at $32.85, close to its 52-week high of $35.83.

According to TipRanks.com, Yang is a 1-star analyst with an average return of -12.3% and a 42.9% success rate. Yang covers the Technology sector, focusing on stocks such as Universal Display, QuickLogic, and Synaptics.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Corning with a $33.28 average price target, a -3.0% downside from current levels. In a report issued on October 13, Goldman Sachs also maintained a Hold rating on the stock with a $35.00 price target.

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Based on Corning’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $2.56 billion and GAAP net loss of $71 million. In comparison, last year the company earned revenue of $2.94 billion and had a net profit of $92 million.

Based on the recent corporate insider activity of 44 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of GLW in relation to earlier this year. Last month, Tony Tripeny, the EVP & CFO of GLW sold 21,685 shares for a total of $716,906.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Corning, Inc. develops and manufactures specialty glass and ceramics. It provides glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications; carrier network and enterprise network products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies. It operates through the following business segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials and Life Sciences. The Display Technologies segment manufactures glass substrates for high performance displays, including organic light-emitting diode and liquid crystal displays that are used primarily in televisions, notebook computers and flat panel desktop monitors. The Optical Communications segment is classified into two main product groupings: carrier and enterprise network. The carrier network group consists primarily of products and solutions for optical-based communications infrastructure for services such as video, data and voice communications. The enterprise network group consists primarily of optical-based communication networks sold to businesses, governments and individuals for their own use. The Environmental Technologies segment manufactures ceramic substrates and filter products for emissions control in mobile and stationary applications around the world. The Specialty Materials segment manufactures products that provide material formulations for glass, glass ceramics and fluoride crystals to meet demand for unique customer needs. The Life Sciences segment develops, manufactures and supplies scientific laboratory products. The company was founded by Amory Houghton Sr. in 1851 and is headquartered in Corning, NY.