Corning (NYSE:GLW) Stock Rating Reaffirmed by Morgan Stanley

Corning (NYSE:GLW)‘s stock had its “overweight” rating restated by stock analysts at Morgan Stanley in a research note issued on Monday, Benzinga reports. They currently have a $35.00 price objective on the electronics maker’s stock. Morgan Stanley’s price objective would suggest a potential upside of 11.01% from the company’s current price.

Other analysts have also issued reports about the company. Barclays increased their target price on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a report on Thursday, February 1st. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Susquehanna reissued a “positive” rating and issued a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. Finally, JPMorgan Chase & Co. upped their target price on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, Corning has a consensus rating of “Hold” and an average target price of $34.78.

Corning Trading Down 0.1 %

GLW stock opened at $31.53 on Monday. Corning has a 52 week low of $25.26 and a 52 week high of $36.01. The company has a market capitalization of $26.97 billion, a PE ratio of 47.06, a price-to-earnings-growth ratio of 1.73 and a beta of 1.08. The company’s 50-day simple moving average is $32.31 and its 200 day simple moving average is $30.42. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same quarter in the prior year, the business posted $0.47 EPS. The business’s revenue was down 12.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Corning will post 1.87 earnings per share for the current year.

Insider Activity

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the sale, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.45% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Peoples Bank KS bought a new position in shares of Corning in the 3rd quarter worth about $25,000. OFI Invest Asset Management purchased a new position in Corning during the 3rd quarter worth $25,000. Cape Investment Advisory Inc. boosted its holdings in Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 800 shares during the last quarter. SRS Capital Advisors Inc. grew its holdings in shares of Corning by 232.9% in the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after acquiring an additional 652 shares in the last quarter. Finally, Bruce G. Allen Investments LLC bought a new position in Corning in the 4th quarter valued at $31,000. 69.80% of the stock is owned by institutional investors and hedge funds.

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.