Barclays Raises Corning (NYSE:GLW) Price Target to $53.00

Corning (NYSE:GLW - Get Free Report) had its price target hoisted by equities research analysts at Barclays from $40.00 to $53.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has an "equal weight" rating on the electronics maker's stock. Barclays's price objective suggests a potential upside of 8.10% from the company's previous close.

A number of other brokerages have also issued reports on GLW. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Corning from $46.00 to $49.00 and gave the stock a "buy" rating in a research note on Wednesday, October 9th. HSBC upgraded shares of Corning from a "reduce" rating to a "hold" rating and set a $37.00 price target on the stock in a research note on Tuesday, July 9th. JPMorgan Chase & Co. boosted their price target on shares of Corning from $47.00 to $55.00 and gave the stock an "overweight" rating in a research note on Monday, July 29th. Citigroup boosted their price target on shares of Corning from $45.00 to $51.00 and gave the stock a "buy" rating in a research note on Friday, July 12th. Finally, Hsbc Global Res raised shares of Corning from a "moderate sell" rating to a "hold" rating in a report on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $48.23.

Corning Stock Performance

NYSE GLW traded up $2.19 during trading on Tuesday, reaching $49.03. The company's stock had a trading volume of 13,394,571 shares, compared to its average volume of 5,735,072. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The firm has a market cap of $42.00 billion, a price-to-earnings ratio of 69.06, a P/E/G ratio of 1.73 and a beta of 1.04. Corning has a twelve month low of $26.37 and a twelve month high of $51.03. The business's fifty day moving average price is $43.98 and its 200-day moving average price is $39.99.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same period in the previous year, the business posted $0.45 earnings per share. The business's revenue was up 3.5% compared to the same quarter last year. As a group, analysts anticipate that Corning will post 1.91 EPS for the current fiscal year.

Institutional Trading of Corning

Several institutional investors and hedge funds have recently modified their holdings of the business. West Oak Capital LLC lifted its holdings in shares of Corning by 0.4% in the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker's stock valued at $2,328,000 after purchasing an additional 215 shares in the last quarter. Lake Street Advisors Group LLC raised its position in shares of Corning by 4.5% in the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker's stock valued at $246,000 after buying an additional 232 shares during the last quarter. SteelPeak Wealth LLC raised its position in shares of Corning by 3.3% in the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker's stock valued at $338,000 after buying an additional 239 shares during the last quarter. Grove Bank & Trust raised its position in shares of Corning by 21.5% in the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker's stock valued at $55,000 after buying an additional 250 shares during the last quarter. Finally, Brown Lisle Cummings Inc. raised its position in shares of Corning by 1.5% in the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker's stock valued at $770,000 after buying an additional 250 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

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.

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