Corning (NYSE:GLW – Get Free Report) had its price objective raised by research analysts at Oppenheimer from $47.00 to $51.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the electronics maker’s stock. Oppenheimer’s target price points to a potential upside of 15.10% from the stock’s previous close.
Other equities analysts have also issued research reports about the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a research report on Wednesday, July 31st. Morgan Stanley reaffirmed 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. boosted their target price on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Finally, Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a research report on Monday, June 17th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and an average price target of $47.00.
Check Out Our Latest Stock Report on GLW
Corning Price Performance
Corning (NYSE:GLW – Get Free Report) last announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm’s revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.45 earnings per share. Equities research analysts forecast that Corning will post 1.91 earnings per share for the current year.
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the company. Cape Investment Advisory Inc. increased its stake in shares of Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after buying an additional 800 shares during the period. Access Investment Management LLC bought a new position in Corning during the 1st quarter worth about $28,000. EverSource Wealth Advisors LLC increased its position in Corning by 347.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 823 shares during the period. Future Financial Wealth Managment LLC bought a new stake in shares of Corning in the 1st quarter valued at about $33,000. Finally, Register Financial Advisors LLC purchased a new stake in shares of Corning in the 1st quarter worth approximately $33,000. 69.80% of the stock is currently owned by hedge funds and other 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.
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