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

Corning (NYSE:GLW) had its target price increased by research analysts at Morgan Stanley from $39.00 to $48.00 in a report released on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the electronics maker’s stock. Morgan Stanley’s price objective points to a potential upside of 0.13% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on the stock. UBS Group boosted their target price on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research note on Monday. JPMorgan Chase & Co. increased their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Susquehanna lifted their price objective on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Finally, Bank of America increased their target price on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.77.

Corning Price Performance

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 firm has a market capitalization of $41.05 billion, a price-to-earnings ratio of 282.71, a P/E/G ratio of 1.54 and a beta of 1.03. The stock’s 50 day moving average price is $47.65 and its two-hundred day moving average price is $43.50. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.

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

Insider Activity at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Corning

Several large investors have recently modified their holdings of GLW. Brookstone Capital Management acquired a new position in shares of Corning in the second quarter worth approximately $178,000. Raymond James Financial Services Advisors Inc. increased its position in shares of Corning by 13.2% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 281,196 shares of the electronics maker’s stock worth $10,924,000 after buying an additional 32,825 shares during the period. Dakota Wealth Management bought a new position in Corning during the second quarter worth $424,000. Focus Financial Network Inc. acquired a new position in Corning in the second quarter valued at $399,000. Finally, Fifth Third Bancorp boosted its position in Corning by 0.4% during the second quarter. Fifth Third Bancorp now owns 75,590 shares of the electronics maker’s stock valued at $2,937,000 after acquiring an additional 330 shares during the last quarter. 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.