Corning (NYSE:GLW) Price Target Increased to $51.00 by Analysts at Oppenheimer

Corning (NYSE:GLW) had its price objective raised by stock analysts at Oppenheimer from $47.00 to $51.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the electronics maker’s stock. Oppenheimer’s target price indicates a potential upside of 14.61% from the stock’s current price.

Several other analysts also recently weighed in on the company. Morgan Stanley reiterated an “equal weight” rating and set a $39.00 target price on shares of Corning in a research report on Friday, July 26th. HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a report on Tuesday, July 9th. Barclays upped their target price on shares of Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Finally, Susquehanna boosted their price target on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $47.00.

Corning Price Performance

GLW stock opened at $44.50 on Friday. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. Corning has a 12 month low of $25.26 and a 12 month high of $46.39. The stock has a market cap of $38.08 billion, a PE ratio of 62.68, a P/E/G ratio of 1.66 and a beta of 1.04. The company has a 50-day moving average price of $41.73 and a 200 day moving average price of $37.54.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter in the prior year, the firm posted $0.45 earnings per share. The company’s quarterly revenue was up 3.5% on a year-over-year basis. Equities research analysts anticipate that Corning will post 1.91 earnings per share for the current year.

Institutional Investors Weigh In On Corning

Hedge funds have recently made changes to their positions in the stock. Verity & Verity LLC grew its stake in Corning by 0.4% in the second quarter. Verity & Verity LLC now owns 613,724 shares of the electronics maker’s stock valued at $23,843,000 after purchasing an additional 2,444 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its holdings in shares of Corning by 3,252.5% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 6,705 shares of the electronics maker’s stock valued at $260,000 after buying an additional 6,505 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Corning in the 2nd quarter worth approximately $3,836,000. Cetera Investment Advisers raised its stake in shares of Corning by 23.1% during the 2nd quarter. Cetera Investment Advisers now owns 219,217 shares of the electronics maker’s stock worth $8,517,000 after acquiring an additional 41,130 shares in the last quarter. Finally, EP Wealth Advisors LLC raised its stake in shares of Corning by 6.9% during the 2nd quarter. EP Wealth Advisors LLC now owns 15,082 shares of the electronics maker’s stock worth $586,000 after acquiring an additional 978 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other 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.