Corning Incorporated (NYSE:GLW) Receives $50.77 Average Price Target from Brokerages

Shares of Corning Incorporated (NYSE:GLW - Get Free Report) have earned an average rating of "Moderate Buy" from the fourteen analysts that are covering the stock, Marketbeat reports. Five equities research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $50.77.

Several research analysts have recently weighed in on GLW shares. Barclays boosted their price target on Corning from $40.00 to $53.00 and gave the stock an "equal weight" rating in a research note on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft lifted their price objective on Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Susquehanna upped their target price on shares of Corning from $46.00 to $55.00 and gave the company a "positive" rating in a research note on Friday, September 20th. UBS Group lifted their price target on shares of Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 30th. Finally, Bank of America boosted their price objective on shares of Corning from $46.00 to $51.00 and gave the company a "buy" rating in a report on Friday, September 20th.

Insider Transactions at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm's stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GLW. City Holding Co. grew its position in shares of Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker's stock valued at $32,000 after purchasing an additional 600 shares in the last quarter. Cassady Schiller Wealth Management LLC purchased a new position in Corning during the 3rd quarter valued at approximately $39,000. RPg Family Wealth Advisory LLC bought a new stake in Corning in the 3rd quarter worth approximately $40,000. Global Trust Asset Management LLC raised its holdings in shares of Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker's stock worth $42,000 after acquiring an additional 900 shares in the last quarter. Finally, Venturi Wealth Management LLC boosted its position in shares of Corning by 90.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker's stock valued at $45,000 after acquiring an additional 473 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Down 1.5 %

GLW stock traded down $0.71 on Friday, reaching $47.02. 4,492,186 shares of the company traded hands, compared to its average volume of 3,807,381. The firm has a fifty day simple moving average of $47.91 and a 200-day simple moving average of $44.73. The company has a market cap of $40.26 billion, a P/E ratio of 276.59, a price-to-earnings-growth ratio of 1.54 and a beta of 1.04. Corning has a one year low of $29.71 and a one year high of $51.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company's revenue was up 6.9% on a year-over-year basis. During the same period last year, the company earned $0.45 earnings per share. Research analysts anticipate that Corning will post 1.95 earnings per share for the current year.

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.