Oppenheimer Reaffirms Outperform Rating for Corning (NYSE:GLW)

Corning (NYSE:GLW)‘s stock had its “outperform” rating restated by analysts at Oppenheimer in a research report issued to clients and investors on Wednesday, July 30th, MarketBeat Ratings reports. They currently have a $72.00 price target on the electronics maker’s stock, up from their previous price target of $55.00. Oppenheimer’s target price points to a potential upside of 13.89% from the stock’s previous close.

GLW has been the subject of a number of other research reports. Susquehanna reissued a “positive” rating and issued a $75.00 price objective (up previously from $60.00) on shares of Corning in a report on Wednesday, July 30th. Citigroup upped their price objective on shares of Corning from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday, July 11th. Wolfe Research initiated coverage on shares of Corning in a report on Tuesday, July 8th. They issued an “outperform” rating for the company. Morgan Stanley upped their price objective on shares of Corning from $44.00 to $50.00 and gave the company an “equal weight” rating in a report on Tuesday, July 8th. Finally, UBS Group upped their price objective on shares of Corning from $54.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, July 9th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.25.

Corning Price Performance

Shares of NYSE GLW opened at $63.22 on Wednesday. The firm has a 50-day simple moving average of $53.30 and a 200-day simple moving average of $49.37. The stock has a market capitalization of $54.16 billion, a price-to-earnings ratio of 67.26, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. Corning has a 52 week low of $37.31 and a 52 week high of $64.41.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. The business had revenue of $3.86 billion during the quarter, compared to analysts’ expectations of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same period in the prior year, the business earned $0.47 earnings per share. On average, equities analysts predict that Corning will post 2.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Lewis A. Steverson sold 16,646 shares of the firm’s stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total value of $1,035,714.12. Following the completion of the transaction, the executive vice president owned 39,759 shares of the company’s stock, valued at approximately $2,473,804.98. This trade represents a 29.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Stefan Becker sold 17,106 shares of the firm’s stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the transaction, the senior vice president directly owned 16,117 shares of the company’s stock, valued at approximately $800,692.56. The trade was a 51.49% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 137,381 shares of company stock valued at $7,836,789. 0.32% of the stock is owned by company insiders.

Institutional Trading of Corning

Several hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in Corning by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker’s stock valued at $875,633,000 after acquiring an additional 533,686 shares in the last quarter. Northern Trust Corp raised its holdings in Corning by 2.0% in the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker’s stock valued at $516,560,000 after acquiring an additional 208,826 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Corning by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker’s stock valued at $465,723,000 after acquiring an additional 78,497 shares in the last quarter. Amundi raised its holdings in Corning by 64.3% in the first quarter. Amundi now owns 6,408,605 shares of the electronics maker’s stock valued at $271,237,000 after acquiring an additional 2,507,797 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Corning by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker’s stock valued at $290,610,000 after acquiring an additional 80,872 shares in the last quarter. Institutional investors and hedge funds 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.