Corning’s (GLW) “Outperform” Rating Reaffirmed at Oppenheimer

Corning (NYSE:GLW)‘s stock had its “outperform” rating reissued by research analysts at Oppenheimer in a note issued to investors on Wednesday, MarketBeat Ratings reports. They currently have a $72.00 price target on the electronics maker’s stock, up from their previous price target of $55.00. Oppenheimer’s price objective would indicate a potential upside of 16.07% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. Susquehanna reissued a “positive” rating and set a $75.00 target price (up from $60.00) on shares of Corning in a research report on Wednesday. JPMorgan Chase & Co. lifted their price objective on Corning from $62.00 to $65.00 and gave the company an “overweight” rating in a report on Friday, July 25th. Mizuho lifted their price objective on Corning from $52.00 to $59.00 and gave the company an “outperform” rating in a report on Tuesday, July 15th. UBS Group lifted their price objective on Corning from $54.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, July 9th. Finally, Wolfe Research initiated coverage on Corning in a report on Tuesday, July 8th. They set an “outperform” rating on the stock. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $63.25.

Corning Stock Down 1.9%

GLW traded down $1.21 during trading on Wednesday, reaching $62.03. 5,845,060 shares of the stock traded hands, compared to its average volume of 5,070,007. The stock has a market cap of $53.13 billion, a price-to-earnings ratio of 65.99, a price-to-earnings-growth ratio of 1.62 and a beta of 1.08. Corning has a fifty-two week low of $37.18 and a fifty-two week high of $63.91. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 1.05. The stock’s 50-day simple moving average is $52.73 and its two-hundred day simple moving average is $49.18.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.03. The company had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same period last year, the company earned $0.47 earnings per share. As a group, equities research analysts expect that Corning will post 2.33 EPS for the current year.

Insider Activity at Corning

In other news, SVP Stefan Becker sold 17,106 shares of the business’s stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the sale, the senior vice president directly owned 16,117 shares of the company’s stock, valued at $800,692.56. The trade was a 51.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Michael Paul O’day sold 14,879 shares of the business’s stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total transaction of $927,854.44. Following the sale, the senior vice president directly owned 35,743 shares of the company’s stock, valued at approximately $2,228,933.48. The trade was a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 137,381 shares of company stock valued at $7,836,789 over the last quarter. 0.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corning

A number of institutional investors have recently added to or reduced their stakes in GLW. Geode Capital Management LLC grew its position in shares of Corning by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker’s stock valued at $875,633,000 after acquiring an additional 533,686 shares during the period. Northern Trust Corp lifted its stake in shares of Corning by 2.0% during the 4th quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker’s stock valued at $516,560,000 after buying an additional 208,826 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Corning by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker’s stock valued at $465,723,000 after buying an additional 78,497 shares in the last quarter. Amundi lifted its stake in shares of Corning by 64.3% during the 1st quarter. Amundi now owns 6,408,605 shares of the electronics maker’s stock valued at $271,237,000 after buying an additional 2,507,797 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Corning by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker’s stock valued at $290,610,000 after buying an additional 80,872 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

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.