Barclays Cuts Corning (NYSE:GLW) Price Target to $52.00

Corning (NYSE:GLW) had its price target trimmed by Barclays from $53.00 to $52.00 in a report published on Wednesday,Benzinga reports. The firm currently has an equal weight rating on the electronics maker’s stock.

GLW has been the subject of several other reports. UBS Group raised their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. raised their target price on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Morgan Stanley lifted their price target on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Finally, StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $53.00.

Corning Trading Up 4.2 %

NYSE:GLW opened at $52.11 on Wednesday. The company has a fifty day moving average of $48.71 and a 200 day moving average of $45.63. Corning has a 52 week low of $30.72 and a 52 week high of $55.33. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $44.61 billion, a P/E ratio of 89.84, a P/E/G ratio of 1.35 and a beta of 1.04.

Corning (NYSE:GLW) last posted its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.01%. On average, research analysts predict that Corning will post 2.3 earnings per share for the current year.

Insider Buying and Selling at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 stock was 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. In the last ninety days, insiders sold 16,085 shares of company stock worth $787,836. 0.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Corning

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GLW. Sound Income Strategies LLC increased its stake in shares of Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares in the last quarter. Sierra Ocean LLC bought a new stake in Corning during the fourth quarter valued at about $25,000. Asset Planning Inc bought a new position in shares of Corning in the fourth quarter worth about $29,000. City Holding Co. grew its position in shares of Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares in the last quarter. Finally, Rosenberg Matthew Hamilton raised its stake in Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 500 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Company Profile

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.