Brokerages Set Corning Incorporated (NYSE:GLW) PT at $50.77

Shares of Corning Incorporated (NYSE:GLW) have earned a consensus rating of “Moderate Buy” from the fourteen analysts that are covering the company, MarketBeat Ratings reports. Five research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $50.77.

A number of equities analysts recently commented on the company. Morgan Stanley lifted their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. JPMorgan Chase & Co. boosted their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Susquehanna increased their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Finally, Bank of America boosted their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th.

Corning Trading Up 1.9 %

GLW opened at $47.45 on Friday. The company’s 50 day moving average price is $47.91 and its two-hundred day moving average price is $44.85. The firm has a market capitalization of $40.63 billion, a price-to-earnings ratio of 279.12, a PEG ratio of 1.54 and a beta of 1.04. Corning has a fifty-two week low of $29.71 and a fifty-two week high of $51.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. Corning’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.45 earnings per share. As a group, research analysts predict that Corning will post 1.95 earnings per share for the current year.

Insider Transactions at Corning

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction on 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 sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Institutional Trading of Corning

Several institutional investors have recently made changes to their positions in the company. West Oak Capital LLC boosted its holdings in Corning by 0.4% during the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after purchasing an additional 215 shares during the last quarter. Lake Street Advisors Group LLC lifted its position in shares of Corning by 4.5% during the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after buying an additional 232 shares in the last quarter. SteelPeak Wealth LLC boosted its stake in shares of Corning by 3.3% in the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock worth $338,000 after buying an additional 239 shares during the last quarter. Brown Lisle Cummings Inc. grew its holdings in shares of Corning by 1.5% in the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after acquiring an additional 250 shares in the last quarter. Finally, Allworth Financial LP increased its position in shares of Corning by 1.3% during the third quarter. Allworth Financial LP now owns 19,361 shares of the electronics maker’s stock valued at $874,000 after acquiring an additional 251 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

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.