Drexel Hamilton Downgrades Corning Incorporated to Sell

Brokerage firm Drexel Hamilton Downgrades its rating on Corning Incorporated(NYSE:GLW). The shares have been rated Sell. Previously, the analysts had a Buy rating on the shares. The rating by Drexel Hamilton was issued on Jun 10, 2016.

In a different note, On Apr 8, 2016, Deutsche Bank said it Maintains its rating on Corning Incorporated. In the research note, the firm Raises the price-target to $21.00 per share. The shares have been rated ‘Buy’ by the firm.

Corning Incorporated (GLW) shares turned negative on Wednesdays trading session with the shares closing down -0.07 points or -0.35% at a volume of 49,95,915. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $20.44. The peak price level was also seen at $20.44 while the days lowest was $20.18. Finally the shares closed at $20.2. The 52-week high of the shares is $21.3 while the 52-week low is $15.42. According to the latest information available, the market cap of the company is $21,722 M.

Corning Incorporated(GLW) last announced its earnings results on Apr 26, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $2.17B. Analysts had an estimated revenue of $2.23B. Earnings per share were $0.28. Analysts had estimated an EPS of $0.28.

Several Insider Transactions has been reported to the SEC. On Jun 8, 2016, R Tony Tripeny (Senior Vice President and CFO) sold 7,500 shares at $21.17 per share price.Also, 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.

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