Barclays Issues Positive Forecast for Corning (NYSE:GLW) Stock Price

Corning (NYSE:GLW) had its price target boosted by analysts at Barclays from $40.00 to $53.00 in a report released on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the electronics maker’s stock. Barclays‘s price target would suggest a potential upside of 10.32% from the company’s current price.

GLW has been the subject of a number of other reports. Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 target price on shares of Corning in a report on Friday, July 26th. Deutsche Bank Aktiengesellschaft lifted their target price on Corning from $46.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a report on Tuesday, July 9th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, Bank of America boosted their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Price Performance

Shares of GLW opened at $48.04 on Tuesday. Corning has a 1 year low of $26.41 and a 1 year high of $51.03. 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 company has a market capitalization of $41.15 billion, a price-to-earnings ratio of 67.66, a price-to-earnings-growth ratio of 1.73 and a beta of 1.04. The business has a 50-day moving average of $44.27 and a 200-day moving average of $40.16.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.45 earnings per share. As a group, equities research analysts anticipate that Corning will post 1.91 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. MBB Public Markets I LLC boosted its position in Corning by 806.7% in the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after purchasing an additional 57,800 shares during the last quarter. Central Pacific Bank Trust Division purchased a new position in Corning in the first quarter worth $653,000. Dark Forest Capital Management LP bought a new stake in shares of Corning in the second quarter valued at $511,000. Financial Counselors Inc. raised its stake in shares of Corning by 40.9% in the first quarter. Financial Counselors Inc. now owns 312,977 shares of the electronics maker’s stock valued at $10,316,000 after buying an additional 90,836 shares during the period. Finally, Raymond James & Associates raised its stake in shares of Corning by 2.6% in the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after buying an additional 42,818 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

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.