Will Investors Now Sell Corning (NYSE:GLW) Stock Following Today’s, JP Morgan Downgrades?


Corning (NYSE:GLW) Receives a Downgrade

The Equity Rating of Corning (NYSE:GLW) rating was lowered by equity analysts at JP Morgan from the previous Overweight rating to a Neutral rating in recent note distributed to Clients on Thursday morning.

From a total of 15 analysts covering Corning Incorporated (NYSE:GLW) stock, 8 rate it a ”Buy”, 2 a “Sell”, and 8 a ”Hold”. This means that 44% of the ratings are positive. The highest target price is $26 while the lowest target price is $15. The mean of all analyst targets is $20.3 with a 13.26% above today’s ($18.1) stock price. Corning Incorporated was the topic of 11 analyst reports since July 30, 2015 according to the firm StockzIntelligence Inc. UBS maintained shares on October 28 with “Neutral” rating. Deutsche Bank initiated shares with “Buy” rating and $21 target share price in a report from a September 15. Drexel Hamilton initiated GLW stock in a recent report from October 9 with “Hold” rating. Finally, Goldman Sachs reinitiated the stock with “Neutral” rating in a report issued on a September 25.

Approximately 5.08M shares of stock traded hands. Corning Incorporated (NYSE:GLW) has declined 13.34% since May 14, 2015 and is downtrending. It has underperformed by 11.07% the S&P500.

The overall sentiment of institutions has decreased to 0.79 in Q2 2015. Its down 0.13, from 0.92 in 2015Q2. The ratio dropped, as 85 institutions have sold all the shares of Corning Incorporated that they owned while 329 funds have taken shares off the table. 48 funds have purchased shares for the first time while 277 added to their positions. These institutions now hold 925.26 million shares or 1.99% less than the 944.05 million shares they owned in 2015Q2.

The Fund Quaker Capital Investments Llc currently is holding shares equating to 8.44% of its total portfolio in Corning Incorporated representing a total of 831,200 shares. Another fund,Minneapolis Portfolio Management Group Llc, is holding a total of 2.04 million shares equating to 5.86% of their holdings. Additionally, Kiltearn Partners Llp has a 6.86 million share stake in Corning Incorporated which represents 5.45% of their total portfolio. The Fund, Oppenheimer & Close Llc, based out of New York, has also built up a stake in the stock, which represents a total of 5.05% of their total portfolio. Finally Mcclain Value Management Llc, a fund which is based in the state of Connecticut reported a total holdings of 859,447 shares.

Corning Incorporated is engaged in the manufacture of specialty glass and ceramics. The company has a market cap of $21.89 billion. The Firm creates and makes keystone components that enable systems for consumer electronics, mobile emissions control, optical communications and life sciences. It has 12.21 P/E ratio. 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 more than 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.

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)”