Corning Incorporated (NYSE:GLW) Receives $50.77 Average Target Price from Analysts

Corning Incorporated (NYSE:GLW) has been given an average recommendation of “Moderate Buy” by the fourteen brokerages that are currently covering the firm, MarketBeat.com reports. Five investment analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $50.77.

Several research analysts recently issued reports on GLW shares. UBS Group increased their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft boosted their price target on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Barclays increased their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Oppenheimer restated an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th.

Corning Stock Performance

GLW opened at $49.83 on Friday. Corning has a 12-month low of $29.82 and a 12-month high of $51.03. The stock’s 50 day moving average price is $47.96 and its two-hundred day moving average price is $45.03. The firm has a market capitalization of $42.66 billion, a P/E ratio of 293.12, a price-to-earnings-growth ratio of 1.28 and a beta of 1.04. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period last year, the business posted $0.45 EPS. On average, equities analysts forecast that Corning will post 1.95 earnings per share for the current year.

Insider Buying and Selling

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. This trade represents a 42.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Corning

Hedge funds and other institutional investors have recently bought and sold shares of the business. Northstar Advisory Group LLC lifted its stake in shares of Corning by 258.4% in the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock valued at $5,883,000 after purchasing an additional 89,268 shares during the period. Franklin Resources Inc. increased its holdings in Corning by 48.4% in the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock valued at $8,975,000 after purchasing an additional 62,514 shares during the last quarter. FMR LLC boosted its holdings in Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after buying an additional 1,285,836 shares during the last quarter. MBB Public Markets I LLC grew its position in shares of Corning by 806.7% during the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after buying an additional 57,800 shares during the period. Finally, First Financial Bank Trust Division increased its stake in shares of Corning by 27.5% in the 4th quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock valued at $6,565,000 after acquiring an additional 29,790 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.