Corning (NYSE:GLW) Given New $58.00 Price Target at Citigroup

Corning (NYSE:GLW - Free Report) had its price objective raised by Citigroup from $55.00 to $58.00 in a report published on Tuesday morning,Benzinga reports. Citigroup currently has a buy rating on the electronics maker's stock.

Other research analysts have also recently issued research reports about the company. Barclays increased their price objective on Corning from $40.00 to $53.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 29th. JPMorgan Chase & Co. lifted their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. StockNews.com raised Corning from a "hold" rating to a "buy" rating in a research note on Tuesday, December 24th. Finally, UBS Group raised their target price on Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, Corning presently has an average rating of "Moderate Buy" and a consensus target price of $51.31.

Corning Stock Performance

Shares of GLW traded up $1.74 during trading hours on Tuesday, hitting $51.58. The company had a trading volume of 7,147,247 shares, compared to its average volume of 4,197,854. The firm has a market cap of $44.17 billion, a price-to-earnings ratio of 303.43, a PEG ratio of 1.35 and a beta of 1.04. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The business has a fifty day moving average of $47.98 and a 200-day moving average of $45.16. Corning has a 12 month low of $30.30 and a 12 month high of $52.03.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the business posted $0.45 earnings per share. The business's revenue for the quarter was up 6.9% compared to the same quarter last year. Equities analysts anticipate that Corning will post 1.95 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares of the company's stock, valued at $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.45% of the company's stock.

Institutional Trading of Corning

Several hedge funds have recently modified their holdings of GLW. FMR LLC increased its stake in 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. State Street Corp increased its position in Corning by 3.8% in the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock valued at $1,534,337,000 after buying an additional 1,242,718 shares in the last quarter. Los Angeles Capital Management LLC raised its stake in Corning by 215.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker's stock worth $75,740,000 after buying an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC boosted its holdings in Corning by 4,306.9% in the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker's stock worth $47,428,000 after acquiring an additional 1,026,626 shares in the last quarter. Finally, Shellback Capital LP bought a new stake in shares of Corning during the second quarter valued at approximately $34,483,000. Institutional investors 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.