Corning (NYSE:GLW) PT Set at $56.00 by Morgan Stanley

Corning (NYSE:GLW) has been given a $56.00 price target by investment analysts at Morgan Stanley in a research note issued on Wednesday, Marketbeat reports. The brokerage presently has an “equal weight” rating on the electronics maker’s stock. Morgan Stanley’s price target suggests a potential downside of 11.46% from the company’s previous close.

Other research analysts have also issued reports about the stock. Mizuho increased their price objective on shares of Corning from $52.00 to $59.00 and gave the stock an “outperform” rating in a report on Tuesday, July 15th. Argus reaffirmed a “buy” rating and set a $68.00 price target on shares of Corning in a research report on Wednesday. Citigroup increased their price target on shares of Corning from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, July 11th. Susquehanna reiterated a “positive” rating and issued a $75.00 price target (up previously from $60.00) on shares of Corning in a report on Wednesday. Finally, UBS Group boosted their price objective on shares of Corning from $54.00 to $57.00 and gave the company a “neutral” rating in a research note on Wednesday, July 9th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $63.25.

Corning Trading Up 1.0%

Shares of Corning stock opened at $63.25 on Wednesday. Corning has a fifty-two week low of $37.18 and a fifty-two week high of $63.91. The business’s fifty day moving average is $52.46 and its two-hundred day moving average is $49.08. The company has a quick ratio of 1.05, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The firm has a market cap of $54.17 billion, a PE ratio of 67.28, a P/E/G ratio of 1.63 and a beta of 1.11.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, beating the consensus estimate of $0.57 by $0.03. Corning had a return on equity of 17.27% and a net margin of 5.77%. The firm had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.84 billion. During the same period in the prior year, the firm posted $0.47 earnings per share. Analysts anticipate that Corning will post 2.33 earnings per share for the current year.

Insider Transactions at Corning

In related news, SVP Michael Paul O’day sold 14,879 shares of the firm’s stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total transaction of $927,854.44. Following the sale, the senior vice president directly owned 35,743 shares in the company, valued at approximately $2,228,933.48. This trade represents a 29.39% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Avery H. Nelson III sold 36,240 shares of the company’s stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total value of $2,256,302.40. Following the completion of the transaction, the chief operating officer owned 64,838 shares of the company’s stock, valued at approximately $4,036,813.88. This represents a 35.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold 137,381 shares of company stock worth $7,836,789 in the last quarter. 0.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corning

A number of institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in shares of Corning by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker’s stock valued at $875,633,000 after buying an additional 533,686 shares during the last quarter. Northern Trust Corp raised its holdings in Corning by 2.0% in the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker’s stock valued at $516,560,000 after acquiring an additional 208,826 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Corning by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker’s stock valued at $465,723,000 after acquiring an additional 78,497 shares during the last quarter. Amundi grew its holdings in Corning by 64.3% during the 1st quarter. Amundi now owns 6,408,605 shares of the electronics maker’s stock worth $271,237,000 after acquiring an additional 2,507,797 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Corning by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker’s stock worth $290,610,000 after acquiring an additional 80,872 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

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.