Corning (NYSE:GLW) Price Target Raised to $51.00

Corning (NYSE:GLW) had its price objective upped by Citigroup from $45.00 to $51.00 in a report released on Friday, Benzinga reports. The firm currently has a “buy” rating on the electronics maker’s stock. Citigroup’s price target would suggest a potential upside of 11.06% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price on the stock in a research note on Monday, June 17th. Mizuho upped their target price on Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, June 18th. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $50.00 target price (up previously from $40.00) on shares of Corning in a research note on Wednesday. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Corning has an average rating of “Hold” and a consensus target price of $43.38.

Corning Price Performance

Shares of GLW traded up $0.87 on Friday, reaching $45.92. The stock had a trading volume of 6,867,788 shares, compared to its average volume of 5,858,562. The firm has a market capitalization of $39.34 billion, a PE ratio of 64.68, a PEG ratio of 1.69 and a beta of 1.05. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The firm has a 50-day moving average of $37.59 and a 200 day moving average of $33.81. Corning has a twelve month low of $25.26 and a twelve month high of $46.13.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The business had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company’s revenue was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.41 EPS. Sell-side analysts expect that Corning will post 1.94 EPS for the current year.

Insider Activity at Corning

In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the transaction, the vice president now owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the sale, the vice president now owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the sale, the vice president now directly owns 57,280 shares in the company, valued at approximately $2,141,699.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 175,207 shares of company stock valued at $5,876,067. Insiders own 0.40% of the company’s stock.

Hedge Funds Weigh In On Corning

Large investors have recently modified their holdings of the stock. Alaska Permanent Fund Corp lifted its holdings in Corning by 0.4% in the first quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock valued at $2,754,000 after buying an additional 329 shares during the period. Level Four Advisory Services LLC increased its stake in Corning by 3.8% in the fourth quarter. Level Four Advisory Services LLC now owns 9,411 shares of the electronics maker’s stock valued at $287,000 after purchasing an additional 343 shares in the last quarter. Madison Asset Management LLC increased its stake in Corning by 0.7% in the fourth quarter. Madison Asset Management LLC now owns 53,113 shares of the electronics maker’s stock valued at $1,617,000 after purchasing an additional 349 shares in the last quarter. Patron Partners LLC increased its position in shares of Corning by 2.4% during the first quarter. Patron Partners LLC now owns 14,761 shares of the electronics maker’s stock worth $487,000 after acquiring an additional 349 shares in the last quarter. Finally, Trust Co. of Vermont increased its position in shares of Corning by 6.4% during the second quarter. Trust Co. of Vermont now owns 5,810 shares of the electronics maker’s stock worth $226,000 after acquiring an additional 350 shares in the last quarter. 69.80% of the stock is currently 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.