Corning (GLW) PT Raised to $35.00

Corning (NYSE:GLW) had its price target boosted by stock analysts at Citigroup from $33.00 to $35.00 in a note issued to investors on Thursday, January 25th. The brokerage presently has a “neutral” rating on the electronics maker’s stock. Citigroup’s price target indicates a potential upside of 18.52% from the company’s current price.

GLW has been the topic of several other research reports. Guggenheim reaffirmed a “buy” rating and set a $35.00 price target on shares of Corning in a research report on Tuesday, December 12th. Zacks Investment Research lowered shares of Corning from a “hold” rating to a “sell” rating in a research report on Friday, October 20th. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Deutsche Bank lifted their price target on shares of Corning from $33.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Finally, Barclays set a $38.00 price target on shares of Corning and gave the company a “buy” rating in a research report on Wednesday, January 10th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $31.47.

Corning (NYSE GLW) traded up $0.01 during mid-day trading on Thursday, hitting $29.53. 1,122,385 shares of the stock traded hands, compared to its average volume of 7,571,434. The stock has a market cap of $25,411.24, a price-to-earnings ratio of -37.86, a PEG ratio of 4.37 and a beta of 1.34. The company has a current ratio of 2.75, a quick ratio of 2.22 and a debt-to-equity ratio of 0.35. Corning has a 1 year low of $26.32 and a 1 year high of $35.10.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.49 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.02. The firm had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.65 billion. Corning had a negative net margin of 4.91% and a positive return on equity of 11.62%. The business’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.50 EPS. sell-side analysts forecast that Corning will post 1.67 EPS for the current fiscal year.

In other Corning news, Director Deborah Rieman sold 2,083 shares of the business’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $32.16, for a total value of $66,989.28. Following the completion of the transaction, the director now owns 102,896 shares in the company, valued at $3,309,135.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the business’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $32.42, for a total transaction of $1,675,335.92. Following the completion of the transaction, the insider now owns 136,032 shares of the company’s stock, valued at approximately $4,410,157.44. The disclosure for this sale can be found here. Insiders own 0.59% of the company’s stock.

Several large investors have recently bought and sold shares of GLW. Jennison Associates LLC acquired a new position in shares of Corning during the third quarter worth $275,460,000. Janus Henderson Group PLC grew its stake in shares of Corning by 4,900.2% during the second quarter. Janus Henderson Group PLC now owns 5,881,755 shares of the electronics maker’s stock worth $176,747,000 after purchasing an additional 5,764,125 shares in the last quarter. Levin Capital Strategies L.P. grew its stake in shares of Corning by 465.8% during the fourth quarter. Levin Capital Strategies L.P. now owns 4,562,512 shares of the electronics maker’s stock worth $145,955,000 after purchasing an additional 3,756,170 shares in the last quarter. Parametric Portfolio Associates LLC grew its stake in shares of Corning by 62.2% during the second quarter. Parametric Portfolio Associates LLC now owns 4,313,266 shares of the electronics maker’s stock worth $129,614,000 after purchasing an additional 1,654,301 shares in the last quarter. Finally, FMR LLC grew its stake in shares of Corning by 160.5% during the second quarter. FMR LLC now owns 1,595,315 shares of the electronics maker’s stock worth $47,939,000 after purchasing an additional 982,864 shares in the last quarter. Institutional investors and hedge funds own 71.82% of the company’s stock.

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Corning Company Profile

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).

Analyst Recommendations for Corning (NYSE:GLW)

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