Corning Incorporated (GLW) is Downgraded by Standpoint Research to Hold

Corning Incorporated (GLW) was Downgraded by Standpoint Research to ” Hold”. Earlier the firm had a rating of “Buy ” on the company shares. Standpoint Research advised their investors in a research report released on Jun 13, 2016.

Many Wall Street Analysts have commented on Corning Incorporated. Corning Incorporated was Downgraded by Drexel Hamilton to ” Sell” on Jun 10, 2016. Corning Incorporated was Upgraded by Goldman to ” Buy” on Apr 12, 2016. Company shares were Reiterated by Deutsche Bank on Apr 8, 2016 to “Buy”, Firm has raised the Price Target to $ 23 from a previous price target of $21 .

On the company’s financial health, Corning Incorporated reported $0.28 EPS for the quarter, based on the information available during the earnings call on Apr 26, 2016. Analyst had a consensus estimate of $0.28. The company had revenue of $2170.00 million for the quarter, compared to analysts expectations of $2237.22 million. The company’s revenue was down -10.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.35 EPS.

Corning Incorporated closed down -0.51 points or -2.43% at $20.52 with 1,09,06,262 shares getting traded on Friday. Post opening the session at $20.41, the shares hit an intraday low of $20.13 and an intraday high of $20.6 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

In a different news, on Jun 8, 2016, R Tony Tripeny (Senior Vice President and CFO) sold 7,500 shares at $21.17 per share price. According to the SEC, on Jun 8, 2016, Mark S Rogus (Senior VP & Treasurer) sold 10,896 shares at $21.18 per share price. On May 25, 2016, Clark S Kinlin (Executive Vice President) sold 54,352 shares at $19.83 per share price, according to the Form-4 filing with the securities and exchange commission.

Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company creates and makes keystone components that enable systems for consumer electronics mobile emissions control optical communications and life sciences. Corning operates in five segments: Display Technologies which manufactures glass substrates; Optical Communications which is engaged in providing optical solutions; Environmental Technologies which manufactures ceramic substrates and filter products; Specialty Materials which manufactures products that provide more than 150 material formulations for glass glass ceramics and fluoride crystals and Life Sciences segment which is a developer manufacturer and supplier of scientific laboratory products. The Company manufactures and processes products at approximately 90 plants in 17 countries.

Corning Incorporated

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