Corning (NYSE:GLW) Stock Price Expected to Rise, Citigroup Analyst Says

Corning (NYSE:GLW) had its target price upped by analysts at Citigroup from $55.00 to $58.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the electronics maker’s stock. Citigroup’s target price points to a potential upside of 13.01% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. Barclays upped their price target on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Morgan Stanley boosted their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.31.

Corning Price Performance

Shares of NYSE GLW traded up $1.48 during trading hours on Tuesday, reaching $51.32. 1,143,211 shares of the stock traded hands, compared to its average volume of 3,643,804. 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 company’s 50-day simple moving average is $47.98 and its two-hundred day simple moving average is $45.16. The company has a market capitalization of $43.94 billion, a P/E ratio of 301.35, a price-to-earnings-growth ratio of 1.35 and a beta of 1.04. Corning has a 52-week low of $30.30 and a 52-week high of $51.12.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business’s revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.45 earnings per share. Equities research analysts forecast that Corning will post 1.95 EPS for the current year.

Insider Buying and Selling

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Corning

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sound Income Strategies LLC boosted its stake in Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after buying an additional 227 shares during the last quarter. City Holding Co. lifted its stake in shares of Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares during the last quarter. Rosenberg Matthew Hamilton lifted its stake in shares of Corning by 202.4% in 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 last quarter. Cassady Schiller Wealth Management LLC bought a new stake in shares of Corning in the 3rd quarter valued at approximately $39,000. Finally, RPg Family Wealth Advisory LLC bought a new stake in shares of Corning in the 3rd quarter valued at approximately $40,000. 69.80% of the stock is owned by institutional investors.

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.