Barclays Cuts Corning (NYSE:GLW) Price Target to $52.00

Corning (NYSE:GLW) had its target price cut by analysts at Barclays from $53.00 to $52.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the electronics maker’s stock. Barclays‘s target price points to a potential upside of 4.07% from the company’s current price.

Several other equities research analysts have also recently issued reports on the company. Citigroup raised their target price on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. UBS Group lifted their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Morgan Stanley lifted their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Finally, JPMorgan Chase & Co. lifted their price objective on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and a consensus target price of $51.23.

Corning Price Performance

Shares of NYSE:GLW traded down $1.26 during midday trading on Wednesday, hitting $49.97. The company had a trading volume of 14,818,258 shares, compared to its average volume of 6,030,610. Corning has a twelve month low of $30.72 and a twelve month high of $55.33. The stock has a market cap of $42.78 billion, a price-to-earnings ratio of 293.93, a price-to-earnings-growth ratio of 1.46 and a beta of 1.04. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The business’s 50-day simple moving average is $48.62 and its 200-day simple moving average is $45.57.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. On average, research analysts predict that Corning will post 1.95 earnings per share for the current year.

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction 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 transaction, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. This represents a 42.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction 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. 0.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Sound Income Strategies LLC grew its stake in shares of Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after acquiring an additional 227 shares in the last quarter. City Holding Co. grew its stake in Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares in the last quarter. Rosenberg Matthew Hamilton grew its stake in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 500 shares in the last quarter. Global X Japan Co. Ltd. acquired a new position in Corning in the fourth quarter worth about $40,000. Finally, Union Bancaire Privee UBP SA acquired a new position in Corning in the fourth quarter worth about $40,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

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.