Corning (NYSE:GLW) Sets New 12-Month High Following Earnings Beat

Corning Incorporated (NYSE:GLW - Get Free Report)'s stock price reached a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $55.33 and last traded at $50.72, with a volume of 3831531 shares changing hands. The stock had previously closed at $51.23.

The electronics maker reported $0.57 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%.

Analyst Ratings Changes

A number of research analysts have weighed in on GLW shares. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and raised their price objective for the company from $51.00 to $60.00 in a research note on Thursday. 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. Oppenheimer reaffirmed an "outperform" rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Morgan Stanley raised their price objective on shares of Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 17th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Corning from $49.00 to $54.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, Corning currently has a consensus rating of "Moderate Buy" and a consensus price target of $53.00.

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the business's stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following 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 disclosure for this sale can be found here. Insiders own 0.40% of the company's stock.

Hedge Funds Weigh In On Corning

Hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP lifted its position in Corning by 0.3% during the third quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker's stock valued at $1,771,029,000 after purchasing an additional 133,214 shares during the last quarter. State Street Corp lifted its position in Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock valued at $1,534,337,000 after purchasing an additional 1,242,718 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Corning by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker's stock valued at $219,116,000 after purchasing an additional 38,168 shares during the last quarter. FMR LLC lifted its position in Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the last quarter. Finally, Stifel Financial Corp lifted its holdings in shares of Corning by 1.9% in the 3rd quarter. Stifel Financial Corp now owns 2,810,435 shares of the electronics maker's stock worth $126,893,000 after acquiring an additional 52,667 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Trading Up 0.3 %

The stock has a market capitalization of $42.75 billion, a P/E ratio of 293.68, a price-to-earnings-growth ratio of 1.46 and a beta of 1.04. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock's fifty day moving average price is $48.67 and its two-hundred day moving average price is $45.60.

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.