Corning (NYSE:GLW) Price Target Raised to $51.00

by · The Markets Daily

Corning (NYSE:GLW – Get Free Report) had its price target increased by equities researchers at Bank of America from $46.00 to $51.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the electronics maker’s stock. Bank of America‘s price objective indicates a potential upside of 14.61% from the company’s current price.

A number of other equities research analysts have also recently issued reports on GLW. Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a report on Monday, June 17th. Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 target price on shares of Corning in a research note on Friday, July 26th. Argus increased their target price on shares of Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a research note on Wednesday, July 31st. Finally, Oppenheimer reiterated an “outperform” rating and issued a $47.00 target price (down previously from $50.00) on shares of Corning in a research note on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.00.

Get Our Latest Research Report on Corning

Corning Trading Up 0.2 %

Corning stock opened at $44.50 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The company has a market capitalization of $38.08 billion, a price-to-earnings ratio of 62.68, a PEG ratio of 1.66 and a beta of 1.04. Corning has a one year low of $25.26 and a one year high of $46.39. The company’s fifty day moving average price is $41.73 and its two-hundred day moving average price is $37.54.

Corning (NYSE:GLW – Get Free Report) last released its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. During the same period in the prior year, the company earned $0.45 earnings per share. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. On average, analysts forecast that Corning will post 1.91 earnings per share for the current fiscal year.

Institutional Trading of Corning

Several hedge funds have recently modified their holdings of GLW. CreativeOne Wealth LLC increased its holdings in shares of Corning by 20.7% during the fourth quarter. CreativeOne Wealth LLC now owns 10,667 shares of the electronics maker’s stock worth $325,000 after buying an additional 1,829 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Corning by 347.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 823 shares in the last quarter. King Luther Capital Management Corp acquired a new stake in shares of Corning in the fourth quarter valued at approximately $897,000. Commerce Bank increased its holdings in shares of Corning by 17.7% in the fourth quarter. Commerce Bank now owns 92,890 shares of the electronics maker’s stock valued at $2,828,000 after purchasing an additional 13,962 shares in the last quarter. Finally, SageView Advisory Group LLC acquired a new stake in shares of Corning in the fourth quarter valued at approximately $348,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Company Profile

(Get Free Report)

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.

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