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

Corning Incorporated (NYSE:GLW) has been assigned an average rating of “Moderate Buy” from the fourteen ratings firms that are covering the firm, Marketbeat reports. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $50.77.

A number of research analysts have issued reports on GLW shares. Oppenheimer restated an “outperform” rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft upped their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Morgan Stanley lifted their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Bank of America increased their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Finally, JPMorgan Chase & Co. lifted their target price on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th.

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’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 completion of the transaction, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Insiders own 0.45% of the company’s stock.

Hedge Funds Weigh In On Corning

A number of hedge funds have recently bought and sold shares of the business. West Oak Capital LLC raised its stake in shares of Corning by 0.4% during the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after buying an additional 215 shares during the period. Lake Street Advisors Group LLC raised its position in Corning by 4.5% during the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after acquiring an additional 232 shares during the period. Grove Bank & Trust raised its position in Corning by 14.6% during the fourth quarter. Grove Bank & Trust now owns 1,858 shares of the electronics maker’s stock worth $88,000 after acquiring an additional 237 shares during the period. SteelPeak Wealth LLC grew its position in shares of Corning by 3.3% in the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after purchasing an additional 239 shares during the period. Finally, Brown Lisle Cummings Inc. increased its stake in shares of Corning by 1.5% during the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock worth $770,000 after purchasing an additional 250 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Up 0.9 %

Corning stock opened at $49.24 on Friday. Corning has a 1-year low of $29.71 and a 1-year high of $51.03. The business has a fifty day moving average price of $47.92 and a 200-day moving average price of $44.92. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The stock has a market capitalization of $42.16 billion, a price-to-earnings ratio of 289.64, a PEG ratio of 1.28 and a beta of 1.04.

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

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.