Corning (NYSE:GLW) Price Target Raised to $62.00 at JPMorgan Chase & Co.

Corning (NYSE:GLW - Get Free Report) had its price target hoisted by equities research analysts at JPMorgan Chase & Co. from $52.00 to $62.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the electronics maker's stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 14.67% from the stock's current price.

Other equities analysts have also recently issued research reports about the company. Oppenheimer reduced their price target on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. UBS Group boosted their target price on Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a report on Wednesday, July 9th. Morgan Stanley raised their price target on Corning from $44.00 to $50.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Mizuho set a $59.00 price objective on shares of Corning and gave the stock an "outperform" rating in a research report on Tuesday. Finally, Bank of America increased their price objective on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $57.45.

Corning Stock Up 2.1%

Shares of NYSE:GLW traded up $1.10 during trading on Thursday, hitting $54.07. 1,657,659 shares of the company were exchanged, compared to its average volume of 5,289,321. The stock has a market cap of $46.31 billion, a price-to-earnings ratio of 103.90, a P/E/G ratio of 1.42 and a beta of 1.11. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning has a fifty-two week low of $37.18 and a fifty-two week high of $55.33. The firm has a fifty day moving average price of $50.34 and a two-hundred day moving average price of $48.36.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.03. The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. Corning had a net margin of 3.34% and a return on equity of 16.47%. The company's quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.38 earnings per share. As a group, research analysts anticipate that Corning will post 2.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Corning

In other Corning news, VP John Z. Zhang sold 9,610 shares of Corning stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $49.29, for a total value of $473,676.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Stefan Becker sold 17,106 shares of the stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the transaction, the senior vice president directly owned 16,117 shares of the company's stock, valued at $800,692.56. This trade represents a 51.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 75,796 shares of company stock valued at $3,632,635 over the last three months. 0.40% of the stock is owned by insiders.

Institutional Trading of Corning

Hedge funds have recently added to or reduced their stakes in the stock. Forte Capital LLC ADV boosted its holdings in shares of Corning by 2.4% during the 2nd 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 in the last quarter. Smith Salley Wealth Management increased 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 buying an additional 200 shares during the period. Leigh Baldwin & CO. LLC raised its holdings in Corning by 1.7% in the 1st quarter. Leigh Baldwin & CO. LLC now owns 12,513 shares of the electronics maker's stock valued at $573,000 after buying an additional 210 shares during the last quarter. University of Texas Texas AM Investment Management Co. boosted its position in Corning by 9.7% during the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock worth $115,000 after buying an additional 214 shares during the period. Finally, Old North State Wealth Management LLC increased its position in Corning by 0.5% in the 2nd quarter. Old North State Wealth Management LLC now owns 40,325 shares of the electronics maker's stock valued at $2,121,000 after acquiring an additional 218 shares during the period. Institutional investors and hedge funds 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.

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