Morgan Stanley Increases Corning (NYSE:GLW) Price Target to $39.00

Corning (NYSE:GLWGet Free Report) had its price objective increased by analysts at Morgan Stanley from $38.00 to $39.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has an “equal weight” rating on the electronics maker’s stock. Morgan Stanley’s price target points to a potential downside of 14.25% from the stock’s current price.

GLW has been the subject of several other research reports. Citigroup upped their price target on shares of Corning from $38.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, June 21st. Mizuho increased their target price on Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 18th. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a research report on Monday, June 17th. Susquehanna restated a “positive” rating and issued a $40.00 price objective on shares of Corning in a report on Monday, April 1st. Finally, Bank of America lifted their price objective on Corning from $38.00 to $42.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Corning presently has a consensus rating of “Hold” and an average target price of $42.92.

Get Our Latest Report on GLW

Corning Trading Up 1.8 %

Shares of Corning stock opened at $45.48 on Tuesday. Corning has a fifty-two week low of $25.26 and a fifty-two week high of $45.72. The business’s fifty day moving average is $37.36 and its two-hundred day moving average is $33.73. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The firm has a market cap of $38.96 billion, a PE ratio of 64.06, a P/E/G ratio of 1.85 and a beta of 1.05.

Corning (NYSE:GLWGet Free Report) last released its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. The firm had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.41 earnings per share. Analysts anticipate that Corning will post 1.91 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the sale, the vice president now directly owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the transaction, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The disclosure for this sale can be found here. Insiders have sold 175,207 shares of company stock worth $5,876,067 in the last quarter. 0.45% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corning

Several large investors have recently modified their holdings of the stock. Wellington Management Group LLP raised its stake in Corning by 9.0% during the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after buying an additional 2,597,878 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Corning by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after acquiring an additional 4,464,893 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Corning by 1.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,722,106 shares of the electronics maker’s stock worth $296,054,000 after purchasing an additional 146,807 shares during the last quarter. Norges Bank acquired a new position in Corning in the fourth quarter worth $247,721,000. Finally, FIL Ltd increased its stake in Corning by 1.5% during the fourth quarter. FIL Ltd now owns 7,179,283 shares of the electronics maker’s stock valued at $218,609,000 after purchasing an additional 105,994 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Company Profile

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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.

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