Bank of America Forecasts Strong Price Appreciation for Corning (NYSE:GLW) Stock

Corning (NYSE:GLW) had its price objective hoisted by analysts at Bank of America from $65.00 to $68.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the electronics maker’s stock. Bank of America‘s price objective would suggest a potential upside of 43.87% from the company’s previous close.

Several other equities research analysts have also recently weighed in on GLW. Morgan Stanley increased their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. HSBC raised Corning from a “hold” rating to a “buy” rating and increased their price objective for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Finally, Barclays reduced their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $54.31.

Corning Trading Up 0.9 %

Shares of GLW stock opened at $47.27 on Wednesday. Corning has a 12 month low of $30.72 and a 12 month high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The business’s 50 day moving average is $49.84 and its two-hundred day moving average is $47.57. The company has a market cap of $40.49 billion, a PE ratio of 81.49, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Equities analysts predict that Corning will post 2.33 EPS for the current year.

Insiders Place Their Bets

In related news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the sale, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. Corporate insiders own 0.45% of the company’s stock.

Hedge Funds Weigh In On Corning

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP increased its position in shares of Corning by 2.6% during the 3rd quarter. GSA Capital Partners LLP now owns 10,665 shares of the electronics maker’s stock worth $482,000 after purchasing an additional 274 shares during the last quarter. Empowered Funds LLC increased its position in shares of Corning by 2.9% during the 3rd quarter. Empowered Funds LLC now owns 17,777 shares of the electronics maker’s stock worth $803,000 after purchasing an additional 509 shares during the last quarter. Natixis Advisors LLC raised its stake in Corning by 10.1% in the 3rd quarter. Natixis Advisors LLC now owns 287,153 shares of the electronics maker’s stock valued at $12,965,000 after acquiring an additional 26,364 shares during the period. Quest Partners LLC bought a new stake in Corning in the 3rd quarter valued at $106,000. Finally, Caprock Group LLC raised its stake in Corning by 2.5% in the 3rd quarter. Caprock Group LLC now owns 27,928 shares of the electronics maker’s stock valued at $1,261,000 after acquiring an additional 682 shares during the period. 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.