Corning (NYSE:GLW) PT Raised to $51.00 at Oppenheimer

Corning (NYSE:GLW) had its target price boosted by Oppenheimer from $47.00 to $51.00 in a report issued on Friday, Benzinga reports. The firm currently has an “outperform” rating on the electronics maker’s stock. Oppenheimer’s target price suggests a potential upside of 14.61% from the company’s previous close.

Several other research firms have also issued reports 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. Morgan Stanley reissued an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. JPMorgan Chase & Co. lifted 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. Deutsche Bank Aktiengesellschaft upgraded Corning from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a research note on Wednesday, July 31st. Finally, Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a report on Monday, June 17th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.00.

Corning Trading Up 0.2 %

Shares of Corning stock opened at $44.50 on Friday. Corning has a 1-year low of $25.26 and a 1-year high of $46.39. The company’s fifty day simple moving average is $41.73 and its 200-day simple moving average is $37.54. 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 stock has a market capitalization of $38.08 billion, a PE ratio of 62.68, a P/E/G ratio of 1.66 and a beta of 1.04.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. Corning’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.45 earnings per share. As a group, equities analysts anticipate that Corning will post 1.91 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Verity & Verity LLC increased its position in Corning by 0.4% in the second quarter. Verity & Verity LLC now owns 613,724 shares of the electronics maker’s stock worth $23,843,000 after purchasing an additional 2,444 shares during the last quarter. Newbridge Financial Services Group Inc. raised its position in shares of Corning by 3,252.5% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 6,705 shares of the electronics maker’s stock valued at $260,000 after buying an additional 6,505 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in Corning in the second quarter worth about $3,836,000. Cetera Investment Advisers grew its position in Corning by 23.1% in the second quarter. Cetera Investment Advisers now owns 219,217 shares of the electronics maker’s stock worth $8,517,000 after acquiring an additional 41,130 shares in the last quarter. Finally, EP Wealth Advisors LLC increased its stake in Corning by 6.9% during the second quarter. EP Wealth Advisors LLC now owns 15,082 shares of the electronics maker’s stock worth $586,000 after acquiring an additional 978 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

About Corning

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.