Corning (NYSE:GLW) Stock Price Expected to Rise, Citigroup Analyst Says

Corning (NYSE:GLW - Free Report) had its price target increased by Citigroup from $55.00 to $58.00 in a research report report published on Tuesday,Benzinga reports. Citigroup currently has a buy rating on the electronics maker's stock.

GLW has been the subject of several other reports. Oppenheimer reaffirmed an "outperform" rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. UBS Group upped their price objective on Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. StockNews.com raised Corning from a "hold" rating to a "buy" rating in a research report on Tuesday, December 24th. Barclays upped their price objective on Corning from $40.00 to $53.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. upped their price objective on Corning from $55.00 to $60.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $51.31.

Corning Trading Up 4.8 %

GLW stock traded up $2.46 during mid-day trading on Tuesday, hitting $54.01. 10,466,926 shares of the company were exchanged, compared to its average volume of 4,680,072. The firm has a market capitalization of $46.24 billion, a P/E ratio of 317.69, a PEG ratio of 1.35 and a beta of 1.04. Corning has a 12-month low of $30.30 and a 12-month high of $54.33. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The business has a fifty day simple moving average of $48.05 and a 200-day simple moving average of $45.25.

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 (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to analysts' expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business's quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.45 earnings per share. On average, equities research analysts predict that Corning will post 1.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares of the company's stock, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. 0.45% of the stock is owned by company insiders.

Hedge Funds Weigh In On Corning

Large investors have recently modified their holdings of the business. Stonegate Investment Group LLC purchased a new position in Corning in the 4th quarter valued at approximately $208,000. Perigon Wealth Management LLC increased its stake in Corning by 49.8% in the 4th quarter. Perigon Wealth Management LLC now owns 16,813 shares of the electronics maker's stock valued at $828,000 after purchasing an additional 5,589 shares in the last quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO purchased a new position in Corning in the 4th quarter valued at approximately $1,016,000. Buffington Mohr McNeal increased its stake in Corning by 2.1% in the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker's stock valued at $497,000 after purchasing an additional 220 shares in the last quarter. Finally, Nilsine Partners LLC purchased a new position in Corning in the 4th quarter valued at approximately $1,780,000. 69.80% of the stock is 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.