Susquehanna Increases Corning (NYSE:GLW) Price Target to $55.00

Corning (NYSE:GLW) had its price target boosted by research analysts at Susquehanna from $46.00 to $55.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “positive” rating on the electronics maker’s stock. Susquehanna’s price target would suggest a potential upside of 23.60% from the stock’s current price.

GLW has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a research report on Wednesday, July 31st. UBS Group boosted their price target on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research note on Tuesday, July 9th. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a research note on Monday, June 17th. Oppenheimer reiterated an “outperform” rating and set a $47.00 price objective (down from $50.00) on shares of Corning in a report on Wednesday, July 31st. Finally, Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Corning currently has an average rating of “Moderate Buy” and an average target price of $47.00.

Corning Price Performance

Corning stock opened at $44.50 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. Corning has a 52-week low of $25.26 and a 52-week high of $46.39. The stock’s 50 day moving average price is $41.73 and its two-hundred day moving average price is $37.54. The stock has a market capitalization of $38.08 billion, a price-to-earnings ratio of 62.68, a PEG ratio of 1.66 and a beta of 1.04.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter in the previous year, the company earned $0.45 EPS. Corning’s quarterly revenue was up 3.5% compared to the same quarter last year. On average, equities analysts predict that Corning will post 1.91 earnings per share for the current year.

Hedge Funds Weigh In On Corning

A number of hedge funds and other institutional investors have recently modified their holdings of GLW. Access Investment Management LLC bought a new stake in shares of Corning in the 1st quarter worth approximately $28,000. Cape Investment Advisory Inc. raised its holdings in shares of Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 800 shares during the period. Future Financial Wealth Managment LLC bought a new stake in shares of Corning in the 1st quarter worth approximately $33,000. Register Financial Advisors LLC bought a new stake in shares of Corning in the 1st quarter worth approximately $33,000. Finally, ESL Trust Services LLC bought a new stake in shares of Corning in the 1st quarter worth approximately $33,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Company Profile

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.