Corning (GLW) Given a $38.00 Price Target by Barclays Analysts

Corning (NYSE:GLW) has been assigned a $38.00 target price by analysts at Barclays in a research report issued to clients and investors on Wednesday. The firm currently has a “buy” rating on the electronics maker’s stock. Barclays’ price target suggests a potential upside of 12.56% from the company’s previous close.

GLW has been the subject of several other research reports. Guggenheim reiterated a “buy” rating and issued a $35.00 target price on shares of Corning in a research note on Tuesday, December 12th. Zacks Investment Research cut shares of Corning from a “hold” rating to a “sell” rating in a research note on Friday, October 20th. Deutsche Bank boosted their price objective on shares of Corning from $33.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, October 25th. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Finally, Citigroup boosted their price objective on shares of Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, October 25th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $30.48.

Corning (NYSE GLW) opened at $33.76 on Wednesday. The firm has a market cap of $29,340.00, a PE ratio of 14.37, a PEG ratio of 2.78 and a beta of 1.33. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.69 and a quick ratio of 2.14. Corning has a 12 month low of $24.13 and a 12 month high of $33.92.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.02. The firm had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. The company’s revenue was up 4.0% on a year-over-year basis. During the same quarter last year, the company earned $0.42 earnings per share. equities research analysts expect that Corning will post 1.7 EPS for the current fiscal year.

In other Corning news, CEO Wendell P. Weeks sold 248,857 shares of Corning stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total transaction of $7,806,644.09. Following the completion of the sale, the chief executive officer now directly owns 65,333 shares in the company, valued at $2,049,496.21. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Eric S. Musser sold 29,949 shares of Corning stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $31.56, for a total transaction of $945,190.44. Following the sale, the vice president now owns 49,471 shares of the company’s stock, valued at $1,561,304.76. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 348,320 shares of company stock valued at $10,996,824. 0.59% of the stock is owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in GLW. Vanguard Group Inc. lifted its holdings in shares of Corning by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 62,101,521 shares of the electronics maker’s stock worth $1,866,151,000 after acquiring an additional 965,976 shares during the last quarter. LSV Asset Management lifted its holdings in shares of Corning by 1.3% in the 2nd quarter. LSV Asset Management now owns 13,011,732 shares of the electronics maker’s stock worth $391,002,000 after acquiring an additional 165,214 shares during the last quarter. Jennison Associates LLC bought a new stake in shares of Corning in the 3rd quarter worth approximately $275,460,000. Dimensional Fund Advisors LP lifted its holdings in shares of Corning by 0.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 8,090,707 shares of the electronics maker’s stock worth $242,077,000 after acquiring an additional 56,973 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Corning by 17.0% in the 3rd quarter. Janus Henderson Group PLC now owns 6,881,667 shares of the electronics maker’s stock worth $205,899,000 after acquiring an additional 999,912 shares during the last quarter. Institutional investors and hedge funds own 72.11% of the company’s stock.

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Corning Company Profile

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).

Analyst Recommendations for Corning (NYSE:GLW)

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