Corning (NYSE:GLW) Stock Rating Reaffirmed by Oppenheimer

Corning (NYSE:GLW)‘s stock had its “outperform” rating reiterated by Oppenheimer in a report issued on Wednesday, Benzinga reports. They currently have a $50.00 price target on the electronics maker’s stock, up from their previous price target of $40.00. Oppenheimer’s price target would suggest a potential upside of 10.96% from the stock’s previous close.

Other equities analysts have also recently issued reports about the stock. Bank of America lifted their price target on shares of Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Argus raised their price target on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday. Citigroup increased their target price on Corning from $38.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, June 21st. JPMorgan Chase & Co. raised shares of Corning from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $37.00 to $43.00 in a research report on Thursday, May 30th. Finally, UBS Group lifted their price target on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research note on Tuesday. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Corning currently has an average rating of “Hold” and an average target price of $42.92.

Corning Stock Performance

Corning stock opened at $45.06 on Wednesday. Corning has a 12-month low of $25.26 and a 12-month high of $45.87. The stock has a 50-day simple moving average of $37.59 and a 200 day simple moving average of $33.81. 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 stock has a market capitalization of $38.60 billion, a price-to-earnings ratio of 63.46, a P/E/G ratio of 1.85 and a beta of 1.05.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The company had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. Corning’s quarterly revenue was down 11.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.41 earnings per share. On average, research analysts anticipate that Corning will post 1.91 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Martin J. Curran sold 16,416 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $33.70, for a total value of $553,219.20. Following the sale, the vice president now directly owns 65,598 shares of the company’s stock, valued at approximately $2,210,652.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Corning news, VP Martin J. Curran sold 16,416 shares of Corning stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $33.70, for a total transaction of $553,219.20. Following the completion of the transaction, the vice president now directly owns 65,598 shares of the company’s stock, valued at $2,210,652.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the transaction, the executive vice president now directly owns 31,294 shares in the company, valued at $1,034,266.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 175,207 shares of company stock valued at $5,876,067. 0.45% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Corning

Several institutional investors and hedge funds have recently made changes to their positions in GLW. Wellington Management Group LLP increased its position in Corning by 9.0% during the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after buying an additional 2,597,878 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after purchasing an additional 4,464,893 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Corning by 1.5% in the 4th 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 in the last quarter. Norges Bank bought a new stake in Corning in the 4th quarter valued at about $247,721,000. Finally, FIL Ltd grew its position in shares of Corning by 1.5% during the 4th quarter. FIL Ltd now owns 7,179,283 shares of the electronics maker’s stock worth $218,609,000 after purchasing an additional 105,994 shares in the last quarter. Institutional investors and hedge funds 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.