Morgan Stanley Raises Corning (NYSE:GLW) Price Target to $48.00

Corning (NYSE:GLW) had its price target boosted by analysts at Morgan Stanley from $39.00 to $48.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the electronics maker’s stock. Morgan Stanley’s price target points to a potential upside of 0.13% from the stock’s previous close.

Other analysts also recently issued research reports about the company. Susquehanna boosted their price objective on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. UBS Group upped their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Barclays raised their price target on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Bank of America raised their target price on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Finally, Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and upped their price target for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.77.

Corning Trading Down 0.5 %

NYSE:GLW opened at $47.94 on Tuesday. Corning has a 12-month low of $29.71 and a 12-month high of $51.03. 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 business has a 50 day simple moving average of $47.65 and a 200 day simple moving average of $43.50. The firm has a market capitalization of $41.05 billion, a P/E ratio of 282.71, a P/E/G ratio of 1.54 and a beta of 1.03.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. Corning’s revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.45 EPS. Equities research analysts predict that Corning will post 1.95 EPS for the current year.

Insider Transactions at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction on Monday, November 25th. The shares were 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 owned by company insiders.

Institutional Trading of Corning

Several hedge funds have recently added to or reduced their stakes in GLW. FMR LLC lifted its holdings in shares of 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 purchasing an additional 1,285,836 shares in the last quarter. MBB Public Markets I LLC raised its stake in shares of Corning by 806.7% during the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after purchasing an additional 57,800 shares in the last quarter. Dark Forest Capital Management LP acquired a new stake in shares of Corning in the 2nd quarter valued at approximately $511,000. Transamerica Financial Advisors Inc. grew its stake in shares of Corning by 529.6% in the third quarter. Transamerica Financial Advisors Inc. now owns 16,533 shares of the electronics maker’s stock valued at $747,000 after buying an additional 13,907 shares in the last quarter. Finally, National Pension Service increased its holdings in Corning by 11.3% during the third quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock worth $68,125,000 after buying an additional 152,922 shares during 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.