Corning (NYSE:GLW) Stock Price Expected to Rise, UBS Group Analyst Says

Key Points

• UBS Group has raised its target price for Corning (NYSE:GLW) from $57.00 to $65.00, indicating a potential upside of 1.63%, but maintains a "neutral" rating on the stock.
• Corning reported earnings of $0.60 per share, beating analyst estimates, and is projected to have an EPS of 2.33 for the current fiscal year.
• A significant majority of research analysts give Corning a favorable outlook, with a consensus rating of "Moderate Buy" and a target price averaging $63.92.

Corning (NYSE:GLW - Get Free Report) had its price target upped by research analysts at UBS Group from $57.00 to $65.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the electronics maker's stock. UBS Group's target price would indicate a potential downside of 0.78% from the company's current price.

Other equities analysts have also issued reports about the company. Wall Street Zen raised Corning from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. Barclays raised their price target on shares of Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Oppenheimer reiterated an "outperform" rating and set a $72.00 price objective (up from $55.00) on shares of Corning in a research note on Wednesday, July 30th. Morgan Stanley set a $56.00 price objective on shares of Corning and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Finally, Wolfe Research began coverage on shares of Corning in a report on Tuesday, July 8th. They set an "outperform" rating on the stock. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $65.17.

Corning Trading Up 1.2%

NYSE:GLW traded up $0.75 during trading hours on Wednesday, reaching $65.51. 760,050 shares of the company were exchanged, compared to its average volume of 5,673,991. The firm has a market cap of $56.12 billion, a price-to-earnings ratio of 69.72, a PEG ratio of 1.44 and a beta of 1.08. The stock has a 50 day simple moving average of $53.59 and a 200 day simple moving average of $49.48. Corning has a 52-week low of $37.31 and a 52-week high of $66.50. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.03. Corning had a return on equity of 17.27% and a net margin of 5.77%. The business had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.84 billion. During the same period last year, the company posted $0.47 EPS. As a group, analysts predict that Corning will post 2.33 EPS for the current year.

Insiders Place Their Bets

In related news, SVP Michael Paul O'day sold 14,879 shares of the stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total value of $927,854.44. Following the completion of the transaction, the senior vice president owned 35,743 shares of the company's stock, valued at approximately $2,228,933.48. This represents a 29.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Stefan Becker sold 17,106 shares of Corning stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the sale, the senior vice president owned 16,117 shares in the company, valued at $800,692.56. This represents a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 137,381 shares of company stock valued at $7,836,789. Insiders own 0.40% of the company's stock.

Institutional Trading of Corning

Institutional investors have recently added to or reduced their stakes in the stock. Bailard Inc. grew its holdings in Corning by 668.5% during the 2nd quarter. Bailard Inc. now owns 40,853 shares of the electronics maker's stock worth $2,148,000 after acquiring an additional 35,537 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Corning by 0.6% during the second quarter. Geode Capital Management LLC now owns 19,443,525 shares of the electronics maker's stock worth $1,018,629,000 after purchasing an additional 112,739 shares during the last quarter. Wealth Alliance LLC lifted its position in shares of Corning by 6.9% during the second quarter. Wealth Alliance LLC now owns 10,554 shares of the electronics maker's stock worth $555,000 after purchasing an additional 682 shares during the last quarter. Quinn Opportunity Partners LLC grew its stake in Corning by 5.2% in the second quarter. Quinn Opportunity Partners LLC now owns 141,000 shares of the electronics maker's stock worth $7,415,000 after purchasing an additional 7,000 shares in the last quarter. Finally, Forsta AP Fonden increased its holdings in Corning by 0.8% in the second quarter. Forsta AP Fonden now owns 162,100 shares of the electronics maker's stock valued at $8,525,000 after buying an additional 1,300 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

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.