Corning (NYSE:GLW) Stock Price Expected to Rise, Barclays Analyst Says

Corning (NYSE:GLW) had its target price upped by equities researchers at Barclays from $52.00 to $65.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the electronics maker’s stock. Barclays‘s price target would suggest a potential upside of 2.77% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Susquehanna reaffirmed a “positive” rating and issued a $75.00 price target (up previously from $60.00) on shares of Corning in a report on Wednesday. Mizuho upped their target price on Corning from $52.00 to $59.00 and gave the company an “outperform” rating in a research note on Tuesday, July 15th. JPMorgan Chase & Co. raised their price target on Corning from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday, July 25th. Oppenheimer restated an “outperform” rating and issued a $72.00 price objective (up from $55.00) on shares of Corning in a research report on Wednesday. Finally, UBS Group lifted their price objective on Corning from $54.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 9th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $63.25.

Corning Stock Performance

Shares of GLW stock opened at $63.25 on Wednesday. The stock has a fifty day moving average price of $52.46 and a 200 day moving average price of $49.08. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.05 and a current ratio of 1.50. The stock 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 has a 1 year low of $37.18 and a 1 year high of $63.91.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, topping 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 business had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.84 billion. During the same quarter in the previous year, the company posted $0.47 EPS. Sell-side analysts forecast that Corning will post 2.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Corning news, SVP Stefan Becker sold 17,106 shares of the business’s stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the sale, the senior vice president owned 16,117 shares of the company’s stock, valued at approximately $800,692.56. The trade was a 51.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Michael Paul O’day sold 14,879 shares of the company’s stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total value of $927,854.44. Following the sale, the senior vice president owned 35,743 shares of the company’s stock, valued at $2,228,933.48. This represents a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 137,381 shares of company stock worth $7,836,789. Corporate insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of GLW. Brighton Jones LLC boosted its position in Corning by 46.0% during the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker’s stock worth $319,000 after purchasing an additional 2,114 shares during the period. Pictet Asset Management Holding SA boosted its position in shares of Corning by 0.7% in the fourth quarter. Pictet Asset Management Holding SA now owns 349,487 shares of the electronics maker’s stock worth $16,608,000 after buying an additional 2,296 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in shares of Corning by 278.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 743,788 shares of the electronics maker’s stock valued at $35,345,000 after buying an additional 547,167 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its position in Corning by 16.3% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 56,046 shares of the electronics maker’s stock worth $2,663,000 after acquiring an additional 7,867 shares in the last quarter. Finally, Summit Financial LLC boosted its holdings in Corning by 190.7% in the 4th quarter. Summit Financial LLC now owns 14,429 shares of the electronics maker’s stock worth $686,000 after acquiring an additional 9,466 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

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.