Corning (NYSE:GLW) Given Positive Rating at Susquehanna

Key Points

• Susquehanna has raised its price target for Corning (NYSE:GLW) from $60 to $75, indicating a potential upside of 20.88% from its current price, reflecting a positive outlook from the brokerage.
• In the latest earnings report, Corning exceeded expectations with $0.60 earnings per share, surpassing the consensus estimate of $0.57.
• Corning's stock has recently seen significant activity with analysts issuing a mix of upgraded ratings, showing a consensus rating of "Moderate Buy" based on an average price target of $59.55.

Corning (NYSE:GLW - Get Free Report)'s stock had its "positive" rating reaffirmed by Susquehanna in a research note issued on Wednesday, Marketbeat.com reports. They currently have a $75.00 price target on the electronics maker's stock, up from their prior price target of $60.00. Susquehanna's price objective points to a potential upside of 20.65% from the stock's previous close.

Several other equities research analysts also recently commented on GLW. Oppenheimer cut their price objective on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. JPMorgan Chase & Co. increased their price target on shares of Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Citigroup boosted their price objective on shares of Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. UBS Group upped their target price on shares of Corning from $54.00 to $57.00 and gave the company a "neutral" rating in a report on Wednesday, July 9th. Finally, Wolfe Research assumed coverage on shares of Corning in a research note on Tuesday, July 8th. They issued an "outperform" rating for the company. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $63.25.

Corning Stock Down 1.7%

Corning stock traded down $1.08 during mid-day trading on Wednesday, reaching $62.16. The company's stock had a trading volume of 685,378 shares, compared to its average volume of 5,650,247. The business's 50 day simple moving average is $52.46 and its 200 day simple moving average is $49.08. Corning has a 12 month low of $37.18 and a 12 month high of $63.91. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.05 and a current ratio of 1.50. The company has a market capitalization of $53.24 billion, a price-to-earnings ratio of 66.23, a price-to-earnings-growth ratio of 1.63 and a beta of 1.11.

Corning (NYSE:GLW - Get Free Report) last released its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) 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 quarter in the prior year, the company posted $0.47 earnings per share. As a group, research analysts anticipate that Corning will post 2.33 earnings per share for the current year.

Insider Buying and Selling

In other Corning news, COO Avery H. Nelson III sold 36,240 shares of the stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total value of $2,256,302.40. Following the completion of the transaction, the chief operating officer directly owned 64,838 shares in the company, valued at approximately $4,036,813.88. This trade represents a 35.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lewis A. Steverson sold 16,646 shares of the business's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total value of $1,035,714.12. Following the sale, the executive vice president owned 39,759 shares in the company, valued at approximately $2,473,804.98. This trade represents a 29.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 137,381 shares of company stock worth $7,836,789 in the last quarter. Corporate insiders own 0.40% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in GLW. Geode Capital Management LLC increased its holdings in Corning by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker's stock valued at $875,633,000 after purchasing an additional 533,686 shares during the period. Northern Trust Corp boosted its holdings in Corning by 2.0% in the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock valued at $516,560,000 after acquiring an additional 208,826 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Corning by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker's stock valued at $465,723,000 after purchasing an additional 78,497 shares during the period. Amundi raised its holdings in Corning by 64.3% during the 1st quarter. Amundi now owns 6,408,605 shares of the electronics maker's stock worth $271,237,000 after purchasing an additional 2,507,797 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Corning by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker's stock worth $290,610,000 after purchasing an additional 80,872 shares during the last quarter. 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.