Corning (NYSE:GLW – Get Free Report)‘s stock had its “outperform” rating reissued by equities researchers at Oppenheimer in a research report issued on Wednesday, Benzinga reports. They presently have a $47.00 price objective on the electronics maker’s stock, down from their previous price objective of $50.00. Oppenheimer’s price target indicates a potential upside of 18.27% from the company’s current price.
Several other analysts have also weighed in on GLW. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Bank of America reduced their price target on shares of Corning from $47.00 to $46.00 and set a “buy” rating on the stock in a research report on Wednesday. Deutsche Bank Aktiengesellschaft raised 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. Citigroup increased their price target on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Finally, HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a research report on Tuesday, July 9th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $44.85.
View Our Latest Research Report on Corning
Corning Trading Down 6.9 %
Corning (NYSE:GLW – Get Free Report) last announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter last year, the company earned $0.45 earnings per share. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. On average, analysts expect that Corning will post 1.94 EPS for the current year.
Insider Activity
In related news, VP Jeffrey W. Evenson sold 103,437 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the transaction, the vice president now owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, VP Martin J. Curran sold 16,416 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $33.70, for a total transaction of $553,219.20. Following the completion of the transaction, the vice president now directly owns 65,598 shares of the company’s stock, valued at $2,210,652.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $33.19, for a total value of $3,433,074.03. Following the sale, the vice president now owns 70,110 shares in the company, valued at approximately $2,326,950.90. The disclosure for this sale can be found here. Insiders have sold 145,229 shares of company stock worth $4,885,294 over the last ninety days. Insiders own 0.40% of the company’s stock.
Institutional Trading of Corning
A number of large investors have recently added to or reduced their stakes in GLW. Fifth Third Bancorp increased its holdings in shares of Corning by 7.8% during the 4th quarter. Fifth Third Bancorp now owns 86,852 shares of the electronics maker’s stock worth $2,645,000 after acquiring an additional 6,313 shares during the last quarter. AdvisorNet Financial Inc boosted its holdings in shares of Corning by 25.9% during the 4th quarter. AdvisorNet Financial Inc now owns 4,178 shares of the electronics maker’s stock worth $127,000 after buying an additional 860 shares during the period. Essex Savings Bank raised its holdings in Corning by 9.1% in the 4th quarter. Essex Savings Bank now owns 8,356 shares of the electronics maker’s stock valued at $254,000 after acquiring an additional 694 shares during the period. State of Michigan Retirement System lifted its position in Corning by 3.8% during the fourth quarter. State of Michigan Retirement System now owns 262,259 shares of the electronics maker’s stock worth $7,986,000 after acquiring an additional 9,500 shares during the last quarter. Finally, DAVENPORT & Co LLC grew its position in shares of Corning by 2.8% in the fourth quarter. DAVENPORT & Co LLC now owns 16,893 shares of the electronics maker’s stock valued at $514,000 after purchasing an additional 454 shares during the last quarter. Institutional investors and hedge funds 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.
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