JPMorgan Chase & Co. Lowers Corning (NYSE:GLW) Price Target to $50.00

Corning (NYSE:GLW) had its price objective reduced by analysts at JPMorgan Chase & Co. from $62.00 to $50.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the electronics maker’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 21.07% from the stock’s previous close.

A number of other research analysts have also weighed in on the stock. Citigroup dropped their price target on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday. HSBC upgraded Corning from a “hold” rating to a “buy” rating and lifted their price target for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Mizuho set a $52.00 price target on shares of Corning in a research report on Tuesday. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Finally, Bank of America upped their price target on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, March 19th. Four investment 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.31.

Corning Price Performance

Shares of NYSE GLW opened at $41.30 on Thursday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The firm’s 50-day simple moving average is $46.86 and its 200 day simple moving average is $47.71. The stock has a market cap of $35.38 billion, a price-to-earnings ratio of 71.21, a PEG ratio of 1.50 and a beta of 1.03. Corning has a fifty-two week low of $30.72 and a fifty-two week high of $55.33.

Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping 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%. As a group, research analysts anticipate that Corning will post 2.33 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction 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 represents a 16.40 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of GLW. Sound Income Strategies LLC grew its position in shares of Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after buying an additional 227 shares during the last quarter. Sierra Ocean LLC purchased a new position in Corning during the 4th quarter valued at $25,000. Asset Planning Inc purchased a new position in Corning during the 4th quarter valued at $29,000. Vermillion Wealth Management Inc. bought a new position in Corning in the 4th quarter worth $29,000. Finally, Putney Financial Group LLC purchased a new stake in shares of Corning in the 4th quarter worth about $30,000. Hedge funds and other 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.