Corning (NYSE:GLW) Price Target Raised to $39.00 at Deutsche Bank Aktiengesellschaft

Corning (NYSE:GLW) had its target price lifted by stock analysts at Deutsche Bank Aktiengesellschaft from $35.00 to $39.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “hold” rating on the electronics maker’s stock. Deutsche Bank Aktiengesellschaft’s price target indicates a potential upside of 1.60% from the stock’s current price.

GLW has been the subject of a number of other research reports. Bank of America lifted their price target on Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. JPMorgan Chase & Co. raised Corning from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $37.00 to $43.00 in a research report on Thursday, May 30th. Susquehanna reaffirmed a “positive” rating and set a $40.00 price target on shares of Corning in a research report on Monday, April 1st. UBS Group lifted their price target on Corning from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Thursday, May 30th. Finally, Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective for the company in a research note on Monday, June 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $39.42.

Corning Stock Down 0.7 %

Corning stock opened at $38.39 on Wednesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. The stock has a market capitalization of $32.88 billion, a price-to-earnings ratio of 54.06, a PEG ratio of 1.77 and a beta of 1.05. Corning has a 1-year low of $25.26 and a 1-year high of $40.46. The business has a fifty day moving average price of $36.11 and a 200-day moving average price of $33.22.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter last year, the firm earned $0.41 EPS. The business’s quarterly revenue was down 11.5% on a year-over-year basis. Equities research analysts forecast that Corning will post 1.9 EPS for the current fiscal year.

Insider Activity at Corning

In related news, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the transaction, the executive vice president now owns 31,294 shares in the company, valued at approximately $1,034,266.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Corning news, SVP John Z. Zhang sold 12,546 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the sale, the senior vice president now directly owns 11,355 shares in the company, valued at approximately $379,484.10. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the sale, the executive vice president now owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The disclosure for this sale can be found here. Insiders sold a total of 175,207 shares of company stock worth $5,876,067 in the last 90 days. Corporate insiders own 0.45% of the company’s stock.

Institutional Investors Weigh In On Corning

Several large investors have recently bought and sold shares of GLW. Norges Bank purchased a new stake in Corning during the 4th quarter worth approximately $247,721,000. Price T Rowe Associates Inc. MD grew its position in shares of Corning by 35.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after purchasing an additional 4,464,893 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Corning by 9.0% in the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after purchasing an additional 2,597,878 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of Corning by 41.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after purchasing an additional 1,828,097 shares in the last quarter. Finally, Natixis grew its position in shares of Corning by 2,405.2% in the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after purchasing an additional 1,735,638 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

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.