Barclays Raises Corning (NYSE:GLW) Price Target to $53.00

by · The Markets Daily

Corning (NYSE:GLW – Get Free Report) had its price target hoisted by equities research analysts at Barclays from $40.00 to $53.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the electronics maker’s stock. Barclays‘s target price would indicate a potential upside of 8.10% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Oppenheimer increased their price objective on shares of Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Corning from $46.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. upped their target price on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Argus upped 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. Finally, Citigroup upped their target price 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. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $48.23.

Get Our Latest Analysis on Corning

Corning Trading Up 4.7 %

Shares of Corning stock traded up $2.19 during trading hours on Tuesday, hitting $49.03. The company’s stock had a trading volume of 13,394,571 shares, compared to its average volume of 5,735,072. Corning has a 1-year low of $26.37 and a 1-year high of $51.03. The business has a fifty day moving average of $43.98 and a 200 day moving average of $39.99. The company has a market capitalization of $42.00 billion, a PE ratio of 69.06, a P/E/G ratio of 1.73 and a beta of 1.04. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW – Get Free Report) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $3.55 billion. During the same quarter in the prior year, the business earned $0.45 earnings per share. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. As a group, equities analysts forecast that Corning will post 1.91 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. MBB Public Markets I LLC lifted its position in shares of Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after buying an additional 57,800 shares during the last quarter. Central Pacific Bank Trust Division bought a new position in shares of Corning in the 1st quarter worth about $653,000. Dark Forest Capital Management LP bought a new position in shares of Corning in the 2nd quarter worth about $511,000. Financial Counselors Inc. increased its holdings in shares of Corning by 40.9% in the 1st quarter. Financial Counselors Inc. now owns 312,977 shares of the electronics maker’s stock worth $10,316,000 after acquiring an additional 90,836 shares during the period. Finally, Raymond James & Associates increased its holdings in shares of Corning by 2.6% in the 2nd quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock worth $64,667,000 after acquiring an additional 42,818 shares during the period. 69.80% of the stock is currently owned by institutional investors.

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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