Corning (NYSE:GLW) Given "Outperform" Rating at Oppenheimer

Key Points

• Oppenheimer has raised its price target for Corning (NYSE: GLW) from $55.00 to $72.00, suggesting a potential upside of 15.82% from the current trading price.
• Corning's latest quarterly earnings report showed earnings per share of $0.60, exceeding analyst estimates of $0.57, with revenue hitting $3.86 billion.
• Analyst ratings indicate a Moderate Buy consensus on Corning, with four analysts rating it a hold, nine as buy, and one as strong buy.

Corning (NYSE:GLW - Get Free Report)'s stock had its "outperform" rating reissued by stock analysts at Oppenheimer in a report released on Wednesday, Marketbeat reports. They presently have a $72.00 price objective on the electronics maker's stock, up from their previous price objective of $55.00. Oppenheimer's target price suggests a potential upside of 16.07% from the company's previous close.

Several other analysts also recently issued reports on GLW. Morgan Stanley boosted their price objective on Corning from $44.00 to $50.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Mizuho boosted their price objective on Corning from $52.00 to $59.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Citigroup lifted their target price on Corning from $52.00 to $60.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Susquehanna reaffirmed a "positive" rating and set a $75.00 target price (up previously from $60.00) on shares of Corning in a research note on Wednesday. Finally, Wolfe Research started coverage on Corning in a research note on Tuesday, July 8th. They set an "outperform" rating on the stock. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $63.25.

Corning Price Performance

Corning stock traded down $1.21 during midday trading on Wednesday, hitting $62.03. The company's stock had a trading volume of 5,845,060 shares, compared to its average volume of 5,070,007. The stock's 50-day moving average price is $52.73 and its 200-day moving average price is $49.18. The company has a quick ratio of 1.05, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $53.13 billion, a PE ratio of 65.99, a price-to-earnings-growth ratio of 1.62 and a beta of 1.08. Corning has a 12 month low of $37.18 and a 12 month high of $63.91.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.03. The firm had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same quarter in the previous year, the company earned $0.47 EPS. Analysts anticipate that Corning will post 2.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Lewis A. Steverson sold 16,646 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total value of $1,035,714.12. Following the completion of the sale, the executive vice president directly owned 39,759 shares in the company, valued at approximately $2,473,804.98. The trade was a 29.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Edward A. Schlesinger sold 14,082 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.28, for a total value of $877,026.96. Following the completion of the sale, the chief financial officer owned 78,316 shares of the company's stock, valued at approximately $4,877,520.48. This trade represents a 15.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 137,381 shares of company stock worth $7,836,789 in the last quarter. Corporate insiders own 0.40% of the company's stock.

Institutional Investors Weigh In On Corning

Several hedge funds have recently modified their holdings of the business. Forte Capital LLC ADV boosted its position in shares of Corning by 2.4% in the second quarter. Forte Capital LLC ADV now owns 7,973 shares of the electronics maker's stock valued at $419,000 after acquiring an additional 190 shares during the period. Smith Salley Wealth Management raised its stake in shares of Corning by 3.3% in the second quarter. Smith Salley Wealth Management now owns 6,280 shares of the electronics maker's stock valued at $330,000 after purchasing an additional 200 shares in the last quarter. Leigh Baldwin & CO. LLC raised its stake in shares of Corning by 1.7% in the first quarter. Leigh Baldwin & CO. LLC now owns 12,513 shares of the electronics maker's stock valued at $573,000 after purchasing an additional 210 shares in the last quarter. University of Texas Texas AM Investment Management Co. raised its stake in shares of Corning by 9.7% in the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock valued at $115,000 after purchasing an additional 214 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its stake in shares of Corning by 1.3% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 16,623 shares of the electronics maker's stock valued at $874,000 after purchasing an additional 214 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

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.