Morgan Stanley Forecasts Strong Price Appreciation for Corning (NYSE:GLW) Stock

Corning (NYSE:GLW - Get Free Report) had its price target increased by Morgan Stanley from $39.00 to $48.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an "equal weight" rating on the electronics maker's stock. Morgan Stanley's price target indicates a potential upside of 0.50% from the stock's previous close.

A number of other brokerages also recently issued reports on GLW. Susquehanna upped their price objective on Corning from $46.00 to $55.00 and gave the company a "positive" rating in a research note on Friday, September 20th. StockNews.com downgraded shares of Corning from a "buy" rating to a "hold" rating in a research report on Monday. Oppenheimer reaffirmed an "outperform" rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft increased their price objective on Corning from $49.00 to $54.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Finally, Mizuho raised Corning from a "neutral" rating to an "outperform" rating and upped their price target for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $50.77.

Corning Stock Down 0.9 %

Shares of NYSE GLW traded down $0.42 during midday trading on Tuesday, hitting $47.76. 4,167,873 shares of the stock traded hands, compared to its average volume of 5,543,959. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning has a one year low of $29.71 and a one year high of $51.03. The business has a 50 day moving average price of $47.71 and a two-hundred day moving average price of $43.58. The company has a market cap of $40.89 billion, a PE ratio of 280.94, a P/E/G ratio of 1.54 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the firm earned $0.45 earnings per share. The business's quarterly revenue was up 6.9% compared to the same quarter last year. On average, equities analysts predict that Corning will post 1.95 EPS for the current year.

Insider Buying and Selling

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm'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 value of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares of the company's stock, valued at $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm's stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. City Holding Co. grew its stake 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 buying an additional 600 shares during the last quarter. Cassady Schiller Wealth Management LLC purchased a new stake in Corning during the 3rd quarter valued at $39,000. RPg Family Wealth Advisory LLC bought a new stake in Corning in the 3rd quarter worth $40,000. Global Trust Asset Management LLC increased its position in shares of Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker's stock valued at $42,000 after acquiring an additional 900 shares during the period. Finally, Venturi Wealth Management LLC boosted its holdings in shares of Corning by 90.8% during the third quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker's stock worth $45,000 after purchasing an additional 473 shares during the period. Institutional investors own 69.80% of the company's stock.

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.