Corning (NYSE:GLW) Price Target Lowered to $46.00 at Bank of America

Corning (NYSE:GLW) had its target price decreased by Bank of America from $47.00 to $46.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the electronics maker’s stock. Bank of America‘s price objective points to a potential upside of 15.75% from the stock’s current price.

Several other research analysts also recently weighed in on GLW. JPMorgan Chase & Co. upped their price target on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday. Oppenheimer reaffirmed an “outperform” rating and set a $50.00 price objective (up from $40.00) on shares of Corning in a report on Wednesday, July 10th. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective on the stock in a report on Tuesday, July 9th. Citigroup upped their price objective on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Finally, UBS Group upped their price objective on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $44.62.

Corning Trading Down 6.9 %

GLW stock opened at $39.74 on Wednesday. Corning has a 1-year low of $25.26 and a 1-year high of $46.39. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. The company has a market capitalization of $34.04 billion, a price-to-earnings ratio of 55.97, a PEG ratio of 1.58 and a beta of 1.05. The business has a 50 day simple moving average of $40.06 and a two-hundred day simple moving average of $35.09.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.01. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same period in the prior year, the company posted $0.45 EPS. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. Research analysts anticipate that Corning will post 1.94 EPS for the current fiscal year.

Insider Activity at Corning

In other Corning news, VP Martin J. Curran sold 16,416 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $33.70, for a total value of $553,219.20. Following the transaction, the vice president now owns 65,598 shares of the company’s stock, valued at approximately $2,210,652.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the transaction, the senior vice president now owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Martin J. Curran sold 16,416 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $33.70, for a total value of $553,219.20. Following the transaction, the vice president now directly owns 65,598 shares in the company, valued at approximately $2,210,652.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 145,229 shares of company stock worth $4,885,294. Company insiders own 0.40% of the company’s stock.

Hedge Funds Weigh In On Corning

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bridgefront Capital LLC bought a new position in shares of Corning during the 4th quarter worth $813,000. Natixis Advisors L.P. grew its position in shares of Corning by 29.6% during the 4th quarter. Natixis Advisors L.P. now owns 131,323 shares of the electronics maker’s stock worth $3,998,000 after buying an additional 30,001 shares in the last quarter. Wahed Invest LLC grew its position in shares of Corning by 8.6% during the 4th quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock worth $395,000 after buying an additional 1,028 shares in the last quarter. Belpointe Asset Management LLC grew its position in shares of Corning by 26.4% during the 4th quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock worth $253,000 after buying an additional 1,740 shares in the last quarter. Finally, Socha Financial Group LLC boosted its position in Corning by 8.8% during the fourth quarter. Socha Financial Group LLC now owns 343,624 shares of the electronics maker’s stock valued at $10,463,000 after purchasing an additional 27,772 shares in the last quarter. 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.