Oppenheimer Reiterates “Outperform” Rating for Corning (NYSE:GLW)

Corning (NYSE:GLW)‘s stock had its “outperform” rating reissued by investment analysts at Oppenheimer in a research report issued on Wednesday, Benzinga reports. They presently have a $58.00 target price on the electronics maker’s stock, up from their previous target price of $51.00. Oppenheimer’s price objective suggests a potential upside of 21.87% from the company’s current price.

A number of other equities research analysts also recently commented on GLW. Citigroup upped their price objective on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a report on Friday, July 12th. UBS Group increased their price target on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday. 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 report on Tuesday, July 9th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $39.00 price target on shares of Corning in a report on Friday, July 26th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Price Performance

Shares of GLW stock opened at $47.59 on Wednesday. The company has a quick ratio of 0.98, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Corning has a 12 month low of $26.41 and a 12 month high of $51.03. The firm has a market cap of $40.72 billion, a price-to-earnings ratio of 279.94, a PEG ratio of 1.61 and a beta of 1.04. The stock has a 50-day moving average price of $44.40 and a 200 day moving average price of $40.22.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the business posted $0.45 earnings per share. Corning’s revenue was up 6.9% compared to the same quarter last year. Research analysts expect that Corning will post 1.93 EPS for the current year.

Institutional Investors Weigh In On Corning

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Access Investment Management LLC bought a new position in Corning during the first quarter worth about $28,000. City Holding Co. increased its position in shares of Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the period. ESL Trust Services LLC bought a new stake in Corning during the first quarter worth $33,000. Accordant Advisory Group Inc acquired a new stake in Corning in the second quarter valued at about $39,000. Finally, Global Trust Asset Management LLC grew its holdings in shares of Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 900 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.