JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Corning (NYSE:GLW) Stock

Key Points

• JPMorgan Chase & Co. has raised its price target for Corning (NYSE:GLW) from $62.00 to $65.00, suggesting a potential upside of 17.40% from the current price.
• Multiple analysts have recently increased their price targets on Corning, with Citigroup setting it at $60.00 and UBS Group at $57.00, reflecting strong overall investor confidence.
• Institutional investors control 69.80% of Corning's stock, with several firms significantly increasing their positions in the company over recent months.

Corning (NYSE:GLW - Get Free Report) had its price objective increased by JPMorgan Chase & Co. from $62.00 to $65.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the electronics maker's stock. JPMorgan Chase & Co.'s price objective points to a potential upside of 17.40% from the stock's current price.

GLW has been the topic of a number of other reports. Citigroup increased their price target on shares of Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, July 11th. UBS Group upped their price target on shares of Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a report on Wednesday, July 9th. Oppenheimer decreased their price target on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Mizuho upped their price target on shares of Corning from $52.00 to $59.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Finally, Morgan Stanley upped their price objective on shares of Corning from $44.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $57.73.

Corning Stock Performance

NYSE GLW traded down $0.36 during trading on Friday, hitting $55.37. 4,717,798 shares of the company's stock traded hands, compared to its average volume of 5,569,438. The stock has a market capitalization of $47.42 billion, a price-to-earnings ratio of 106.47, a PEG ratio of 1.50 and a beta of 1.11. Corning has a 12-month low of $37.18 and a 12-month high of $56.25. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.69. The business has a 50 day moving average of $51.31 and a 200-day moving average of $48.65.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.51 by $0.03. The business had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. Corning had a net margin of 3.34% and a return on equity of 16.47%. The company's revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.38 earnings per share. As a group, equities 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, SVP Stefan Becker sold 17,106 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the transaction, the senior vice president directly owned 16,117 shares in the company, valued at $800,692.56. This trade represents a 51.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The disclosure for this sale can be found here. Over the last three months, insiders sold 75,796 shares of company stock valued at $3,632,635. 0.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. REAP Financial Group LLC grew its position in Corning by 191.5% during the second quarter. REAP Financial Group LLC now owns 516 shares of the electronics maker's stock valued at $27,000 after acquiring an additional 339 shares during the last quarter. Vermillion Wealth Management Inc. bought a new position in shares of Corning in the fourth quarter worth approximately $29,000. Putney Financial Group LLC bought a new position in shares of Corning in the fourth quarter worth approximately $30,000. Investment Management Corp VA ADV grew its holdings in shares of Corning by 165.9% in the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock worth $34,000 after purchasing an additional 463 shares during the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC grew its holdings in shares of Corning by 90.1% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after purchasing an additional 353 shares during the last quarter. 69.80% of the stock is currently 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.

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