Corning (NYSE:GLW) Stock Price Expected to Rise, UBS Group Analyst Says

Corning (NYSE:GLW - Get Free Report) had its price target hoisted by equities research analysts at UBS Group from $54.00 to $57.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a "neutral" rating on the electronics maker's stock. UBS Group's target price suggests a potential upside of 8.34% from the stock's previous close.

Other analysts have also recently issued research reports about the company. Mizuho set a $52.00 price target on Corning in a report on Tuesday, April 15th. Morgan Stanley increased their price objective on Corning from $44.00 to $50.00 and gave the stock an "equal weight" rating in a report on Tuesday. Citigroup dropped their price target on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Bank of America lifted their price target on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. Finally, JPMorgan Chase & Co. dropped their price target on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $54.42.

Corning Stock Performance

NYSE:GLW traded down $0.12 during trading on Wednesday, reaching $52.61. The company's stock had a trading volume of 3,088,070 shares, compared to its average volume of 5,433,589. Corning has a 12 month low of $37.18 and a 12 month high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.69. The firm has a 50 day moving average of $49.43 and a 200-day moving average of $48.17. The firm has a market cap of $45.06 billion, a price-to-earnings ratio of 101.17, a price-to-earnings-growth ratio of 1.42 and a beta of 1.11.

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

Insider Buying and Selling

In other Corning news, SVP Soumya Seetharam sold 6,505 shares of the business's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $50.01, for a total transaction of $325,315.05. Following the completion of the sale, the senior vice president owned 25,000 shares of the company's stock, valued at approximately $1,250,250. The trade was a 20.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the company's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the transaction, the vice president directly owned 9,610 shares of the company's stock, valued at approximately $450,805.10. This trade represents a 45.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 75,796 shares of company stock valued at $3,632,635 over the last ninety days. 0.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Corning

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Corning by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker's stock valued at $4,747,402,000 after purchasing an additional 916,528 shares during the period. Geode Capital Management LLC raised its position in Corning by 3.0% during 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 raised its holdings in shares of Corning by 2.0% in the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock worth $516,560,000 after buying an additional 208,826 shares during the period. Norges Bank purchased a new stake in shares of Corning in the fourth quarter worth approximately $490,933,000. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Corning by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker's stock worth $465,723,000 after buying an additional 78,497 shares during the period. 69.80% of the stock is currently 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.