Corning (NYSE:GLW) Given New $52.00 Price Target at Barclays

Corning (NYSE:GLW) had its price objective reduced by Barclays from $53.00 to $52.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have an equal weight rating on the electronics maker’s stock.

Several other equities research analysts also recently commented on GLW. UBS Group lifted 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. Deutsche Bank Aktiengesellschaft lifted their price target on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Citigroup boosted their price target on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Oppenheimer restated an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, Morgan Stanley upped their target price on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.23.

Corning Stock Down 2.5 %

Shares of Corning stock opened at $49.97 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The stock has a market cap of $42.78 billion, a price-to-earnings ratio of 293.93, a PEG ratio of 1.46 and a beta of 1.04. The firm’s 50-day moving average is $48.62 and its two-hundred day moving average is $45.57. Corning has a 1 year low of $30.72 and a 1 year high of $55.33.

Corning (NYSE:GLW) last released 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 return on equity of 13.45% and a net margin of 1.24%. As a group, research analysts expect that Corning will post 1.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction that occurred 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

Institutional Trading of Corning

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Northstar Advisory Group LLC lifted its stake in shares of Corning by 258.4% in the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock valued at $5,883,000 after purchasing an additional 89,268 shares during the last quarter. Franklin Resources Inc. raised its holdings in Corning by 48.4% in the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock valued at $8,975,000 after buying an additional 62,514 shares during the period. FMR LLC lifted its position in Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after buying an additional 1,285,836 shares during the last quarter. Fifth Third Bancorp boosted its stake in Corning by 16.8% during the fourth quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock worth $5,296,000 after buying an additional 16,001 shares during the period. Finally, First Financial Bank Trust Division boosted its stake in Corning by 27.5% during the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock worth $6,565,000 after buying an additional 29,790 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

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.