Corning (NYSE:GLW) Price Target Raised to $37.00

Corning (NYSE:GLW - Get Free Report) had its price objective increased by investment analysts at JPMorgan Chase & Co. from $36.00 to $37.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a "neutral" rating on the electronics maker's stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 10.51% from the stock's current price.

Several other equities research analysts have also commented on the stock. Susquehanna reissued a "positive" rating and set a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. HSBC downgraded shares of Corning from a "hold" rating to a "reduce" rating and set a $29.00 target price on the stock. in a research note on Thursday, February 1st. UBS Group upped their target price on shares of Corning from $34.00 to $35.00 and gave the stock a "neutral" rating in a research note on Monday, April 8th. Barclays upped their target price on shares of Corning from $28.00 to $35.00 and gave the stock an "equal weight" rating in a research note on Wednesday, January 31st. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $35.00 target price on shares of Corning in a research note on Monday, April 22nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $34.89.

Corning Trading Up 0.3 %

Shares of NYSE GLW traded up $0.10 during midday trading on Wednesday, hitting $33.48. 9,864,270 shares of the company traded hands, compared to its average volume of 4,846,265. Corning has a 12-month low of $25.26 and a 12-month high of $36.01. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The stock has a 50-day moving average price of $32.32 and a 200 day moving average price of $30.55. The firm has a market cap of $28.64 billion, a P/E ratio of 49.97, a P/E/G ratio of 1.76 and a beta of 1.08.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company had revenue of $2.98 billion for the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter in the previous year, the company earned $0.41 earnings per share. Corning's quarterly revenue was down 11.5% on a year-over-year basis. As a group, analysts expect that Corning will post 1.87 earnings per share for the current year.

Insider Activity at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company's stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares of the company's stock, valued at $7,155,042.96. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.45% of the stock is owned by insiders.

Institutional Trading of Corning

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP increased its holdings in Corning by 9.0% during the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker's stock valued at $953,474,000 after buying an additional 2,597,878 shares during the last quarter. Morgan Stanley increased its holdings in Corning by 5.1% during the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker's stock valued at $667,279,000 after buying an additional 1,060,450 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in Corning by 15.0% during the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker's stock valued at $536,114,000 after buying an additional 2,301,745 shares during the last quarter. Northern Trust Corp increased its holdings in Corning by 2.0% during the third quarter. Northern Trust Corp now owns 12,039,900 shares of the electronics maker's stock valued at $366,856,000 after buying an additional 232,699 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Corning by 1.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,722,106 shares of the electronics maker's stock worth $296,054,000 after purchasing an additional 146,807 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

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.