Bank of America Forecasts Strong Price Appreciation for Corning (NYSE:GLW) Stock

Corning (NYSE:GLW) had its target price hoisted by Bank of America from $65.00 to $68.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the electronics maker’s stock. Bank of America‘s price objective points to a potential upside of 43.87% from the company’s previous close.

A number of other equities research analysts also recently weighed in on the company. Citigroup lifted their target price on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. HSBC raised Corning from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Morgan Stanley boosted their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Finally, Barclays cut their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $54.31.

Corning Stock Performance

NYSE:GLW opened at $47.27 on Wednesday. The stock’s 50-day simple moving average is $49.84 and its 200 day simple moving average is $47.57. The firm has a market capitalization of $40.49 billion, a PE ratio of 81.49, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning has a twelve month low of $30.72 and a twelve month high of $55.33.

Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, analysts anticipate that Corning will post 2.33 EPS for the current fiscal year.

Insider Buying and Selling at Corning

In other news, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares of the company’s stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.45% of the company’s stock.

Hedge Funds Weigh In On Corning

Hedge funds and other institutional investors have recently modified their holdings of the company. Sound Income Strategies LLC boosted its holdings in shares of Corning by 76.7% in the 4th 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 purchased a new stake in Corning during the 4th quarter valued at about $25,000. Asset Planning Inc purchased a new stake in Corning during the 4th quarter valued at about $29,000. Vermillion Wealth Management Inc. purchased a new stake in Corning during the 4th quarter valued at about $29,000. Finally, Putney Financial Group LLC purchased a new stake in Corning during the 4th quarter valued at about $30,000. 69.80% of the stock is currently 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.