In a report released today, Mehdi Hosseini from Susquehanna reiterated a Hold rating on Corning (GLW), with a price target of $26.00. The company’s shares closed last Tuesday at $30.28.
According to TipRanks.com, Hosseini is a 4-star analyst with an average return of 6.8% and a 50.2% success rate. Hosseini covers the Technology sector, focusing on stocks such as Advanced Energy Industries, Hewlett Packard Enterprise, and Keysight Technologies.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Corning with a $28.00 average price target, a -8.2% downside from current levels. In a report issued on July 21, Goldman Sachs also maintained a Hold rating on the stock with a $26.00 price target.
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Based on Corning’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $2.39 billion and GAAP net loss of $96 million. In comparison, last year the company earned revenue of $2.81 billion and had a net profit of $499 million.
Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is neutral on the stock. Most recently, in May 2020, John Canning, an Insider at GLW bought 1,323 shares for a total of $22,226.
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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.
