Corning (NYSE:GLW) Given New $57.00 Price Target at UBS Group

Corning (NYSE:GLW - Get Free Report) had its price objective upped by research analysts at UBS Group from $54.00 to $57.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the electronics maker's stock. UBS Group's target price suggests a potential upside of 10.36% from the company's previous close.

A number of other analysts have also recently commented on the company. Bank of America upped their price target on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Oppenheimer lowered their price target on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Mizuho set a $52.00 price target on shares of Corning in a research report on Tuesday, April 15th. Wolfe Research assumed coverage on shares of Corning in a research report on Tuesday. They set an "outperform" rating on the stock. Finally, JPMorgan Chase & Co. reduced their price target on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $54.82.

Corning Trading Down 1.2%

Shares of GLW traded down $0.61 on Wednesday, reaching $51.65. 732,587 shares of the company's stock were exchanged, compared to its average volume of 5,379,887. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $44.24 billion, a P/E ratio of 99.35, a price-to-earnings-growth ratio of 1.42 and a beta of 1.11. The business has a 50 day moving average price of $49.75 and a two-hundred day moving average price of $48.23. Corning has a 12 month low of $37.18 and a 12 month high of $55.33.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.51 by $0.03. Corning had a net margin of 3.34% and a return on equity of 16.47%. The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. During the same period in the previous year, the firm posted $0.38 earnings per share. Corning's revenue for the quarter was up 12.9% compared to the same quarter last year. Research analysts anticipate that Corning will post 2.33 earnings per share for the current year.

Insider Activity

In other Corning news, SVP Stefan Becker sold 17,106 shares of the business's stock in a transaction that occurred 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 sale, the senior vice president owned 16,117 shares in the company, valued at approximately $800,692.56. The trade was a 51.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Soumya Seetharam sold 14,313 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $50.01, for a total value of $715,793.13. Following the completion of the sale, the senior vice president owned 31,505 shares in the company, valued at $1,575,565.05. The trade was a 31.24% decrease in their position. 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. 0.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Leigh Baldwin & CO. LLC boosted its stake in shares of Corning by 1.7% during the 1st quarter. Leigh Baldwin & CO. LLC now owns 12,513 shares of the electronics maker's stock worth $573,000 after buying an additional 210 shares during the last quarter. University of Texas Texas AM Investment Management Co. raised its holdings in Corning by 9.7% during 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 raised its holdings in Corning by 3.0% during the fourth quarter. Seeds Investor LLC now owns 7,708 shares of the electronics maker's stock worth $366,000 after acquiring an additional 221 shares in the last quarter. Harbour Investments Inc. raised its holdings in 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 acquiring an additional 224 shares in the last quarter. Finally, Geneos Wealth Management Inc. raised its holdings in Corning by 4.7% during the first quarter. Geneos Wealth Management Inc. now owns 4,961 shares of the electronics maker's stock worth $227,000 after acquiring an additional 224 shares in 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.