Barclays Reiterates “$38.00” Price Target for Corning (GLW)
A number of other research firms have also weighed in on GLW. Guggenheim restated a buy rating and issued a $35.00 target price on shares of Corning in a report on Tuesday, December 12th. Zacks Investment Research upgraded shares of Corning from a hold rating to a buy rating and set a $36.00 target price on the stock in a report on Tuesday, December 19th. ValuEngine upgraded shares of Corning from a hold rating to a buy rating in a report on Sunday, December 31st. Deutsche Bank upped their target price on shares of Corning from $33.00 to $35.00 and gave the stock a buy rating in a report on Wednesday, October 25th. Finally, Oppenheimer restated a hold rating on shares of Corning in a report on Wednesday, October 25th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $30.48.
Corning (NYSE GLW) opened at $34.66 on Wednesday. Corning has a fifty-two week low of $24.13 and a fifty-two week high of $34.69. The firm has a market cap of $29,339.38, a PE ratio of 14.75, a PEG ratio of 2.76 and a beta of 1.33. The company has a current ratio of 2.69, a quick ratio of 2.14 and a debt-to-equity ratio of 0.26.
Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.02. Corning had a net margin of 24.98% and a return on equity of 11.53%. The firm had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.59 billion. During the same quarter in the prior year, the business earned $0.42 earnings per share. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. sell-side analysts forecast that Corning will post 1.7 EPS for the current fiscal year.
In other Corning news, VP Eric S. Musser sold 29,949 shares of the stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $31.56, for a total value of $945,190.44. Following the completion of the sale, the vice president now owns 49,471 shares in the company, valued at approximately $1,561,304.76. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Wendell P. Weeks sold 248,857 shares of the stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total transaction of $7,806,644.09. Following the completion of the sale, the chief executive officer now owns 65,333 shares of the company’s stock, valued at approximately $2,049,496.21. The disclosure for this sale can be found here. In the last quarter, insiders sold 348,320 shares of company stock valued at $10,996,824. Company insiders own 0.59% of the company’s stock.
A number of large investors have recently bought and sold shares of the business. Bank of Hawaii increased its stake in Corning by 2.0% in the 2nd quarter. Bank of Hawaii now owns 8,360 shares of the electronics maker’s stock valued at $251,000 after buying an additional 165 shares during the last quarter. Hanseatic Management Services Inc. grew its position in shares of Corning by 1.8% during the 2nd quarter. Hanseatic Management Services Inc. now owns 10,699 shares of the electronics maker’s stock valued at $322,000 after acquiring an additional 187 shares during the period. Johnson Financial Group Inc. grew its position in shares of Corning by 0.4% during the 2nd quarter. Johnson Financial Group Inc. now owns 67,405 shares of the electronics maker’s stock valued at $2,026,000 after acquiring an additional 265 shares during the period. Evercore Wealth Management LLC grew its position in shares of Corning by 3.0% during the 2nd quarter. Evercore Wealth Management LLC now owns 11,263 shares of the electronics maker’s stock valued at $338,000 after acquiring an additional 331 shares during the period. Finally, People s United Financial Inc. grew its position in shares of Corning by 0.3% during the 2nd quarter. People s United Financial Inc. now owns 141,449 shares of the electronics maker’s stock valued at $4,250,000 after acquiring an additional 360 shares during the period. Hedge funds and other institutional investors own 72.11% of the company’s stock.
Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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