Barclays Has Lowered Expectations for Corning (NYSE:GLW) Stock Price

Corning (NYSE:GLW) had its target price decreased by equities research analysts at Barclays from $53.00 to $52.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the electronics maker’s stock. Barclays‘s target price points to a potential upside of 4.15% from the company’s previous close.

Several other brokerages have also recently commented on GLW. Oppenheimer reissued an “outperform” rating and set a $58.00 price target (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Morgan Stanley boosted their price target on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. UBS Group boosted their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, Citigroup boosted their price objective on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Trading Up 0.3 %

GLW opened at $49.93 on Wednesday. The stock has a market capitalization of $42.75 billion, a P/E ratio of 293.68, a P/E/G ratio of 1.46 and a beta of 1.04. Corning has a 12 month low of $30.72 and a 12 month high of $55.33. The firm’s fifty day simple moving average is $48.67 and its 200 day simple moving average is $45.60. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last issued its quarterly 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 1.24% and a return on equity of 13.45%. As a group, research analysts anticipate that Corning will post 1.95 EPS for the current fiscal year.

Insider Activity at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction 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. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

Institutional Trading of Corning

A number of institutional investors have recently bought and sold shares of GLW. Public Sector Pension Investment Board boosted its holdings in Corning by 111.5% in the 2nd quarter. Public Sector Pension Investment Board now owns 24,424 shares of the electronics maker’s stock valued at $949,000 after purchasing an additional 12,875 shares during the period. Millennium Management LLC lifted its holdings in shares of Corning by 117.1% during the 2nd quarter. Millennium Management LLC now owns 926,249 shares of the electronics maker’s stock worth $35,985,000 after acquiring an additional 499,595 shares during the period. Creative Planning lifted its holdings in shares of Corning by 37.8% during the 2nd quarter. Creative Planning now owns 247,305 shares of the electronics maker’s stock worth $9,608,000 after acquiring an additional 67,856 shares during the period. NewEdge Advisors LLC lifted its holdings in shares of Corning by 58.4% during the 2nd quarter. NewEdge Advisors LLC now owns 90,442 shares of the electronics maker’s stock worth $3,514,000 after acquiring an additional 33,333 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Corning by 1.2% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 73,789 shares of the electronics maker’s stock worth $2,867,000 after acquiring an additional 844 shares during the period. Institutional investors own 69.80% of the company’s stock.

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.