Corning (GLW) Given a $38.00 Price Target by Barclays Analysts

Barclays set a $38.00 target price on Corning (NYSE:GLW) in a research report report published on Wednesday morning. The firm currently has a buy rating on the electronics maker’s stock.

Other research analysts have also recently issued research reports about the stock. 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. Guggenheim reiterated a buy rating and issued a $35.00 price target on shares of Corning in a report on Tuesday, December 12th. Deutsche Bank lifted their price target on shares of Corning from $33.00 to $35.00 and gave the company a buy rating in a report on Wednesday, October 25th. ValuEngine upgraded shares of Corning from a hold rating to a buy rating in a report on Sunday, December 31st. Finally, Oppenheimer reiterated a hold rating on shares of Corning in a report on Wednesday, October 25th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $30.48.

Corning (GLW) opened at $34.66 on Wednesday. The company has a quick ratio of 2.14, a current ratio of 2.69 and a debt-to-equity ratio of 0.26. Corning has a fifty-two week low of $24.13 and a fifty-two week high of $34.69. The stock has a market cap of $30,121.52, a P/E ratio of 19.92, a PEG ratio of 2.83 and a beta of 1.33.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $2.59 billion. During the same quarter last year, the business earned $0.42 earnings per share. The business’s revenue was up 4.0% on a year-over-year basis. research analysts forecast that Corning will post 1.7 EPS for the current fiscal year.

In other Corning news, CEO Wendell P. Weeks sold 248,857 shares of the firm’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $31.37, for a total transaction of $7,806,644.09. Following the completion of the transaction, the chief executive officer now owns 65,333 shares of the company’s stock, valued at $2,049,496.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Hansel E. Tookes II sold 6,513 shares of the firm’s stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $31.60, for a total value of $205,810.80. Following the transaction, the director now directly owns 88,946 shares of the company’s stock, valued at approximately $2,810,693.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 348,320 shares of company stock worth $10,996,824. 0.59% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in GLW. GLG Partners LP purchased a new position in Corning during the second quarter valued at $102,000. MPS Loria Financial Planners LLC purchased a new position in Corning during the second quarter valued at $112,000. Benjamin F. Edwards & Company Inc. lifted its position in Corning by 241.6% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after buying an additional 2,650 shares during the period. Harfst & Associates Inc. lifted its position in Corning by 44.7% during the second quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock valued at $143,000 after buying an additional 1,481 shares during the period. Finally, Cable Hill Partners LLC lifted its position in Corning by 1,041.3% during the third quarter. Cable Hill Partners LLC now owns 5,273 shares of the electronics maker’s stock valued at $158,000 after buying an additional 4,811 shares during the period. 72.11% of the stock is owned by institutional investors and hedge funds.

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About Corning

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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