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

Corning (NYSE:GLW) had its price objective lifted by stock analysts at Citigroup from $55.00 to $58.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the electronics maker’s stock. Citigroup’s target price would indicate a potential upside of 13.01% from the company’s current price.

GLW has been the subject of several other research reports. Morgan Stanley boosted their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. UBS Group boosted their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft boosted their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Barclays boosted their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Finally, StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $51.31.

Corning Stock Up 3.0 %

Shares of Corning stock traded up $1.48 during trading on Tuesday, reaching $51.32. The company’s stock had a trading volume of 1,143,211 shares, 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 has a market cap of $43.94 billion, a price-to-earnings ratio of 301.35, a P/E/G ratio of 1.35 and a beta of 1.04. Corning has a 1-year low of $30.30 and a 1-year high of $51.12. The company has a 50-day simple moving average of $47.98 and a two-hundred day simple moving average of $45.16.

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

Insider Activity at Corning

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares in the company, valued at $324,213. This trade represents 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 insiders.

Hedge Funds Weigh In On Corning

Several large investors have recently bought and sold shares of the business. Sound Income Strategies LLC grew its holdings in shares of Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares during the last quarter. City Holding Co. grew its holdings in shares of Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the last quarter. Rosenberg Matthew Hamilton grew its holdings in shares of Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 500 shares during the last quarter. Cassady Schiller Wealth Management LLC acquired a new stake in shares of Corning during the third quarter worth about $39,000. Finally, RPg Family Wealth Advisory LLC acquired a new stake in shares of Corning during the third quarter worth about $40,000. Hedge funds and other 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.