Corning (NYSE:GLW) Given "Overweight" Rating at Morgan Stanley

Corning (NYSE:GLW - Get Free Report)'s stock had its "overweight" rating restated by analysts at Morgan Stanley in a note issued to investors on Monday, Benzinga reports. They presently have a $35.00 price objective on the electronics maker's stock. Morgan Stanley's target price indicates a potential upside of 10.92% from the company's current price.

GLW has been the subject of several other research reports. Susquehanna reiterated a "positive" rating and issued a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. Barclays lifted their price objective 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. UBS Group lifted their price objective 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. StockNews.com upgraded shares of Corning from a "sell" rating to a "hold" rating in a research note on Monday, April 1st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Corning from $34.00 to $36.00 and gave the stock a "neutral" rating in a research note on Thursday, April 11th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $34.78.

Corning Stock Performance

NYSE:GLW traded up $0.29 during midday trading on Monday, reaching $31.56. The stock had a trading volume of 3,521,755 shares, compared to its average volume of 4,738,703. Corning has a 1-year low of $25.26 and a 1-year high of $36.01. The firm's fifty day simple moving average is $32.30 and its 200-day simple moving average is $30.41. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The stock has a market capitalization of $26.99 billion, a P/E ratio of 47.10, a PEG ratio of 1.73 and a beta of 1.08.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting analysts' consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same period in the previous year, the firm posted $0.47 earnings per share. The company's revenue was down 12.1% on a year-over-year basis. On average, equities research analysts forecast that Corning will post 1.87 EPS for the current fiscal year.

Insider Activity at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business's stock in a transaction 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 owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.45% of the stock is owned by corporate insiders.

Institutional Trading of Corning

Several institutional investors have recently made changes to their positions in GLW. Peoples Bank KS bought a new stake in shares of Corning in the 3rd quarter worth $25,000. OFI Invest Asset Management bought a new stake in shares of Corning in the 3rd quarter worth $25,000. Cape Investment Advisory Inc. grew its stake in shares of Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker's stock worth $27,000 after acquiring an additional 800 shares in the last quarter. SRS Capital Advisors Inc. grew its stake in shares of Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker's stock worth $28,000 after acquiring an additional 652 shares in the last quarter. Finally, Bruce G. Allen Investments LLC bought a new stake in shares of Corning in the 4th quarter worth $31,000. Institutional investors own 69.80% of the company's stock.

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.