Corning Incorporated (GLW) Receives $30.05 Consensus Price Target from Analysts

Corning Incorporated (NYSE:GLW) has been given a consensus recommendation of “Hold” by the nineteen ratings firms that are covering the company, Marketbeat reports. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $30.05.

Several equities research analysts have weighed in on the stock. Guggenheim restated a “buy” rating and issued a $35.00 price objective on shares of Corning in a research report on Tuesday, December 12th. Barclays set a $38.00 price objective on shares of Corning and gave the company a “buy” rating in a research report on Wednesday, January 10th. Jefferies Group restated a “hold” rating and issued a $29.50 price objective on shares of Corning in a research report on Friday, October 6th. Zacks Investment Research cut shares of Corning from a “hold” rating to a “sell” rating in a research report on Friday, October 20th. Finally, Deutsche Bank raised their price objective on shares of Corning from $33.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th.

In related news, 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 transaction, the vice president now owns 49,471 shares of the company’s stock, valued at approximately $1,561,304.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Deborah Rieman sold 2,083 shares of Corning stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $32.16, for a total transaction of $66,989.28. Following the transaction, the director now directly owns 102,896 shares in the company, valued at approximately $3,309,135.36. The disclosure for this sale can be found here. In the last quarter, 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 added to or reduced their stakes in the stock. Bank of Hawaii boosted its stake in Corning by 2.0% during the 2nd quarter. Bank of Hawaii now owns 8,360 shares of the electronics maker’s stock worth $251,000 after acquiring an additional 165 shares during the last quarter. Hanseatic Management Services Inc. boosted its stake in Corning by 1.8% during the 2nd quarter. Hanseatic Management Services Inc. now owns 10,699 shares of the electronics maker’s stock worth $322,000 after acquiring an additional 187 shares during the last quarter. Evercore Wealth Management LLC boosted its stake in Corning by 3.0% during the 2nd quarter. Evercore Wealth Management LLC now owns 11,263 shares of the electronics maker’s stock worth $338,000 after acquiring an additional 331 shares during the last quarter. People s United Financial Inc. boosted its stake in Corning by 0.3% during the 2nd quarter. People s United Financial Inc. now owns 141,449 shares of the electronics maker’s stock worth $4,250,000 after acquiring an additional 360 shares during the last quarter. Finally, Thrivent Financial For Lutherans boosted its stake in Corning by 1.2% during the 2nd quarter. Thrivent Financial For Lutherans now owns 34,870 shares of the electronics maker’s stock worth $1,048,000 after acquiring an additional 400 shares during the last quarter. 72.15% of the stock is currently owned by institutional investors and hedge funds.

Corning (NYSE:GLW) traded up $0.05 on Friday, reaching $34.71. 5,100,664 shares of the company’s stock traded hands, compared to its average volume of 5,010,000. The company has a quick ratio of 2.14, a current ratio of 2.69 and a debt-to-equity ratio of 0.26. The firm has a market cap of $30,160.00, a PE ratio of 14.77, a PEG ratio of 2.83 and a beta of 1.33. Corning has a 52-week low of $24.54 and a 52-week high of $35.10.

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

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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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