Corning (NYSE:GLW) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Corning (NYSE:GLW - Get Free Report) had its price target lifted by Morgan Stanley from $44.00 to $50.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an "equal weight" rating on the electronics maker's stock. Morgan Stanley's target price indicates a potential downside of 5.16% from the stock's current price.

A number of other research analysts also recently commented on the company. Wolfe Research initiated coverage on Corning in a research note on Tuesday. They set an "outperform" rating for the company. Oppenheimer lowered their price objective on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Mizuho set a $52.00 price objective on Corning in a report on Tuesday, April 15th. Bank of America lifted their price objective on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. Finally, Citigroup cut their target price on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $53.92.

Corning Trading Up 0.6%

Shares of NYSE GLW traded up $0.34 during midday trading on Tuesday, hitting $52.72. The stock had a trading volume of 4,314,283 shares, compared to its average volume of 5,511,414. The company has a market capitalization of $45.15 billion, a price-to-earnings ratio of 101.38, a PEG ratio of 1.41 and a beta of 1.11. Corning has a 1-year low of $37.18 and a 1-year high of $55.33. The company has a quick ratio of 1.05, a current ratio of 1.69 and a debt-to-equity ratio of 0.62. The company has a fifty day moving average price of $49.27 and a 200 day moving average price of $48.13.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share 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 analyst estimates of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The company's revenue was up 12.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.38 EPS. On average, analysts predict that Corning will post 2.33 earnings per share for the current year.

Insider Transactions at Corning

In related news, VP John Z. Zhang sold 9,610 shares of the firm's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $49.29, for a total transaction of $473,676.90. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Stefan Becker sold 17,106 shares of the firm's stock in a transaction 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 transaction, the senior vice president directly owned 16,117 shares of the company's stock, valued at approximately $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 75,796 shares of company stock worth $3,632,635. 0.32% of the stock is owned by insiders.

Hedge Funds Weigh In On Corning

Hedge funds and other institutional investors have recently modified their holdings of the business. Leigh Baldwin & CO. LLC raised its holdings in shares of Corning by 1.7% in the 1st quarter. Leigh Baldwin & CO. LLC now owns 12,513 shares of the electronics maker's stock worth $573,000 after purchasing an additional 210 shares during the period. University of Texas Texas AM Investment Management Co. grew its position in 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 worth $115,000 after acquiring an additional 214 shares in the last quarter. Seeds Investor LLC boosted its position in Corning by 3.0% during the fourth quarter. Seeds Investor LLC now owns 7,708 shares of the electronics maker's stock valued at $366,000 after buying an additional 221 shares during the period. Harbour Investments Inc. boosted its holdings in shares of Corning by 2.4% during the first quarter. Harbour Investments Inc. now owns 9,489 shares of the electronics maker's stock worth $434,000 after purchasing an additional 224 shares during the period. Finally, Geneos Wealth Management Inc. lifted its holdings in Corning by 4.7% in the first quarter. Geneos Wealth Management Inc. now owns 4,961 shares of the electronics maker's stock worth $227,000 after buying an additional 224 shares during the period. Hedge funds and other 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.