Morgan Stanley Boosts Corning (NYSE:GLW) Price Target to $48.00

Corning (NYSE:GLW) had its price objective upped by investment analysts at Morgan Stanley from $39.00 to $48.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the electronics maker’s stock. Morgan Stanley’s target price suggests a potential upside of 3.20% from the stock’s previous close.

A number of other brokerages have also weighed in on GLW. Deutsche Bank Aktiengesellschaft raised their price objective on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Bank of America upped their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Oppenheimer reiterated an “outperform” rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Finally, Barclays raised their price objective on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $50.77.

Corning Stock Down 2.6 %

GLW stock opened at $46.51 on Tuesday. Corning has a one year low of $29.71 and a one year high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The company has a fifty day moving average of $47.71 and a 200-day moving average of $43.64. The stock has a market capitalization of $39.82 billion, a PE ratio of 273.59, a price-to-earnings-growth ratio of 1.54 and a beta of 1.03.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the business earned $0.45 earnings per share. The company’s quarterly revenue was up 6.9% on a year-over-year basis. As a group, analysts expect that Corning will post 1.95 EPS for the current year.

Insider Activity at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the transaction, the senior vice president now owns 6,700 shares in the company, 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 Securities & Exchange Commission, which is available through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction dated 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 Trading of Corning

Several hedge funds and other institutional investors have recently bought and sold shares of GLW. City Holding Co. lifted its position in shares of Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the period. Cassady Schiller Wealth Management LLC bought a new position in shares of Corning in the third quarter worth approximately $39,000. RPg Family Wealth Advisory LLC purchased a new position in shares of Corning in the third quarter worth $40,000. Global Trust Asset Management LLC raised its position in Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after buying an additional 900 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in Corning during the third quarter valued at approximately $45,000. 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.