Corning (NYSE:GLW) Price Target Raised to $55.00

Corning (NYSE:GLW) had its price target upped by stock analysts at Susquehanna from $46.00 to $55.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “positive” rating on the electronics maker’s stock. Susquehanna’s price target suggests a potential upside of 24.01% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Citigroup raised their target price on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Argus upped their price objective on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a research note on Monday, June 17th. HSBC upgraded 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. Finally, Mizuho raised Corning from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.31.

Corning Price Performance

Corning stock traded down $0.08 during trading hours on Friday, reaching $44.35. 1,779,956 shares of the stock were exchanged, compared to its average volume of 5,879,581. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. Corning has a twelve month low of $25.26 and a twelve month high of $46.39. The company has a market cap of $37.95 billion, a P/E ratio of 62.46, a price-to-earnings-growth ratio of 1.66 and a beta of 1.04. The stock has a 50 day moving average of $41.76 and a two-hundred 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 earnings per share (EPS) for the quarter, topping 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 business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same quarter last year, the business posted $0.45 EPS. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. Equities analysts expect that Corning will post 1.91 EPS for the current fiscal year.

Institutional Trading of Corning

Several hedge funds and other institutional investors have recently modified their holdings of the business. Cape Investment Advisory Inc. grew its stake in Corning by 800.0% in the 4th 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 in the last quarter. Access Investment Management LLC bought a new position in shares of Corning in the first quarter valued at approximately $28,000. EverSource Wealth Advisors LLC grew its stake in Corning by 347.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 823 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new stake in Corning in the 1st quarter worth approximately $33,000. Finally, Register Financial Advisors LLC purchased a new stake in Corning in the 1st quarter worth approximately $33,000. 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.