Is Corning (GLW) Now a ‘Buy’? Why did Citigroup Upgrade The Stock?

September 15, 2018 - By Ann Prendergast

Corning Incorporated (NYSE:GLW) Logo

Investors sentiment increased to 0.7 in 2018 Q2. Its up 0.07, from 0.63 in 2018Q1. It is positive, as 63 investors sold Corning Incorporated shares while 311 reduced holdings. 61 funds opened positions while 202 raised stakes. 554.76 million shares or 1.93% less from 565.69 million shares in 2018Q1 were reported.

King Luther Capital Management Corp has invested 0% in Corning Incorporated (NYSE:GLW). Lumbard & Kellner Ltd Liability Co owns 134,146 shares or 2.16% of their US portfolio. State Street owns 33.56M shares or 0.08% of their US portfolio. Commerce Savings Bank stated it has 70,783 shares or 0.02% of all its holdings. Suntrust Banks holds 1.01 million shares or 0.15% of its portfolio. Geode Cap Lc invested 0.08% of its portfolio in Corning Incorporated (NYSE:GLW). Employees Retirement Of Texas invested 0.02% of its portfolio in Corning Incorporated (NYSE:GLW). Miller Howard Inc New York holds 58,282 shares or 0.04% of its portfolio. Court Place Ltd Llc invested 0.26% of its portfolio in Corning Incorporated (NYSE:GLW). Bb&T Secs Ltd Liability reported 89,576 shares. 61,500 are owned by Holowesko Prtnrs Limited. Towerview Ltd invested 10.21% in Corning Incorporated (NYSE:GLW). 305,095 were accumulated by Parthenon Ltd Liability. Vident Invest Advisory Ltd Liability Corp has 9,236 shares. Live Your Vision Ltd Company invested in 0.01% or 1,500 shares.

Since June 8, 2018, it had 0 buys, and 5 sales for $8.39 million activity. Another trade for 33,000 shares valued at $950,615 was sold by Morse David L. 10,000 shares were sold by Pambianchi Christine M, worth $334,174. 18,225 shares valued at $609,626 were sold by Musser Eric S on Monday, August 27.

Corning (GLW) Stock Upgrade

Citigroup increased shares of Corning (GLW) to a solid “Buy” rating from the previous “Neutral”. The change in rating was published in a note today.

The stock increased 0.60% or $0.21 during the last trading session, reaching $35.27. About 6.83M shares traded or 29.35% up from the average. Corning Incorporated (GLW) has risen 16.67% since September 15, 2017 and is uptrending. It has outperformed by 1.05% the S&P500.

Analysts await Corning Incorporated (NYSE:GLW) to report earnings on October, 23. They expect $0.47 EPS, up 9.30 % or $0.04 from last year’s $0.43 per share. GLW’s profit will be $380.70M for 18.76 P/E if the $0.47 EPS becomes a reality. After $0.38 actual EPS reported by Corning Incorporated for the previous quarter, Wall Street now forecasts 23.68 % EPS growth.

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company has market cap of $28.57 billion. The firm operates through five divisions: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences. It currently has negative earnings. The Display Technologies segment makes glass substrates for liquid crystal displays used in LCD televisions, notebook computers, and flat panel desktop monitors.

More notable recent Corning Incorporated (NYSE:GLW) news were published by: 247Wallst.com which released: “Top Analyst Upgrades and Downgrades: Adobe, Corning, Costco, GrubHub, Kroger, Micron, Shopify, SLM, Walmart …” on September 14, 2018, also Fool.com with their article: “Corning Stock Wins an Upgrade — but Does It Make Sense?” published on September 14, 2018, Seekingalpha.com published: “Corning Inc. (GLW) Management Presents at Deutsche Bank Technology Conference (Transcript)” on September 13, 2018. More interesting news about Corning Incorporated (NYSE:GLW) were released by: Seekingalpha.com and their article: “Corning: Limited Progress In Gorilla Glass Auto Exteriors” published on August 21, 2018 as well as Benzinga.com‘s news article titled: “Benzinga’s Top Upgrades, Downgrades For September 14, 2018” with publication date: September 14, 2018.

Corning Incorporated (NYSE:GLW) Institutional Positions Chart

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