Corning (NYSE:GLW) Price Target Increased to $51.00 by Analysts at Bank of America

Corning (NYSE:GLW) had its target price upped by analysts at Bank of America from $46.00 to $51.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the electronics maker’s stock. Bank of America‘s price target indicates a potential upside of 15.28% from the stock’s current price.

Several other analysts also recently issued reports on GLW. Argus increased their price target on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target for the company in a report on Tuesday, July 9th. Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 target price on shares of Corning in a research report on Friday, July 26th. JPMorgan Chase & Co. boosted their price target on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Finally, Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a report on Monday, June 17th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.69.

Corning Trading Down 0.4 %

NYSE:GLW traded down $0.19 on Friday, hitting $44.24. 2,898,989 shares of the stock were exchanged, compared to its average volume of 5,888,018. The stock has a market cap of $37.86 billion, a PE ratio of 62.39, a PEG ratio of 1.66 and a beta of 1.04. Corning has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The stock has a fifty day moving average of $41.76 and a 200-day moving average of $37.43.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating 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 firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same quarter last year, the firm posted $0.45 earnings per share. Corning’s revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, equities analysts expect that Corning will post 1.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Corning

Several institutional investors have recently modified their holdings of GLW. Price T Rowe Associates Inc. MD boosted its stake in Corning by 35.1% during the 1st 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 during the period. Wellington Management Group LLP raised its holdings in shares of Corning by 9.0% during 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 buying an additional 2,597,878 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Corning by 41.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after buying an additional 1,828,097 shares in the last quarter. Natixis increased its position in Corning by 2,405.2% in the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after acquiring an additional 1,735,638 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Corning by 10,626.4% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock worth $33,388,000 after purchasing an additional 1,003,556 shares in 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.