Corning (NYSE:GLW) Sets New 1-Year High on Earnings Beat

Corning Incorporated (NYSE:GLW)’s share price hit a new 52-week high on Wednesday following a stronger than expected earnings report. The stock traded as high as $55.33 and last traded at $50.72, with a volume of 3831531 shares. The stock had previously closed at $51.23.

The electronics maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%.

Analyst Ratings Changes

GLW has been the subject of a number of analyst reports. Oppenheimer reiterated an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Barclays raised their target price on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Morgan Stanley increased their price target on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Finally, 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 report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $51.31.

Insider Activity at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Hedge Funds Weigh In On Corning

A number of large investors have recently added to or reduced their stakes in the company. Northstar Advisory Group LLC increased its position in Corning by 258.4% during the fourth quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock worth $5,883,000 after buying an additional 89,268 shares during the last quarter. Franklin Resources Inc. raised its stake in Corning by 48.4% in the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock valued at $8,975,000 after acquiring an additional 62,514 shares during the period. FMR LLC lifted its holdings in Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the last quarter. Fifth Third Bancorp lifted its holdings in Corning by 16.8% during the 4th quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock valued at $5,296,000 after purchasing an additional 16,001 shares during the last quarter. Finally, First Financial Bank Trust Division boosted its position in Corning by 27.5% during the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock worth $6,565,000 after purchasing an additional 29,790 shares during the period. Institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

The company’s fifty day simple moving average is $48.62 and its 200 day simple moving average is $45.57. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $43.20 billion, a price-to-earnings ratio of 296.07, a P/E/G ratio of 1.46 and a beta of 1.04.

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.