Corning (NYSE:GLW) Price Target Raised to $68.00

Corning (NYSE:GLW - Get Free Report) had its price objective lifted by stock analysts at Bank of America from $65.00 to $68.00 in a report released on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the electronics maker's stock. Bank of America's price target suggests a potential upside of 40.24% from the stock's previous close.

Several other equities analysts have also recently issued reports on GLW. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and boosted their price objective for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. StockNews.com cut shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. Barclays dropped their price objective on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research note on Wednesday, January 29th. Finally, Morgan Stanley upped their price target on shares of Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 17th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $54.31.

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Corning Stock Performance

Shares of Corning stock traded down $0.18 during trading on Wednesday, reaching $48.49. The company's stock had a trading volume of 10,770,242 shares, compared to its average volume of 5,497,644. The company has a 50-day moving average price of $49.91 and a two-hundred day moving average price of $47.72. The firm has a market cap of $41.53 billion, a PE ratio of 83.60, a P/E/G ratio of 1.50 and a beta of 1.03. Corning has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. On average, analysts forecast that Corning will post 2.33 EPS for the current year.

Insider Buying and Selling at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of the company's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the company's stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. 0.45% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of GLW. Norges Bank purchased a new position in shares of Corning during the 4th quarter worth about $490,933,000. Polar Capital Holdings Plc purchased a new position in shares of Corning during the 4th quarter worth about $124,253,000. Amundi lifted its holdings in shares of Corning by 139.0% during the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock worth $186,186,000 after acquiring an additional 2,268,436 shares during the period. Mariner LLC lifted its holdings in shares of Corning by 134.0% during the 4th quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker's stock worth $183,867,000 after acquiring an additional 2,215,840 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in shares of Corning during the 4th quarter worth about $92,522,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

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.