Corning Incorporated (GLW) Receives $30.05 Average Price Target from Analysts

Shares of Corning Incorporated (NYSE:GLW) have been given an average rating of “Hold” by the nineteen brokerages that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, ten have assigned a hold recommendation, six have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $30.05.

A number of analysts have recently issued reports on GLW shares. Jefferies Group reiterated a “hold” rating and issued a $29.50 price objective on shares of Corning in a report on Friday, October 6th. Zacks Investment Research downgraded shares of Corning from a “hold” rating to a “sell” rating in a report on Friday, October 20th. Guggenheim reiterated a “buy” rating and issued a $35.00 price objective on shares of Corning in a report on Tuesday, October 24th. Oppenheimer reiterated a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Finally, Deutsche Bank lifted their price objective on shares of Corning from $33.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, October 25th.

In other Corning news, VP Eric S. Musser sold 29,949 shares of the company’s stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $31.56, for a total value of $945,190.44. Following the transaction, the vice president now directly owns 49,471 shares in the company, valued at $1,561,304.76. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Wendell P. Weeks sold 248,857 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now owns 65,333 shares in the company, valued at $2,049,496.21. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 348,320 shares of company stock worth $10,996,824. 0.59% of the stock is owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in the business. Smith Graham & Co. Investment Advisors LP increased its holdings in shares of Corning by 21.3% in the fourth quarter. Smith Graham & Co. Investment Advisors LP now owns 172,300 shares of the electronics maker’s stock valued at $5,512,000 after purchasing an additional 30,290 shares during the last quarter. Naples Global Advisors LLC increased its holdings in shares of Corning by 3.9% in the fourth quarter. Naples Global Advisors LLC now owns 105,419 shares of the electronics maker’s stock valued at $3,372,000 after purchasing an additional 3,925 shares during the last quarter. State of Alaska Department of Revenue increased its holdings in shares of Corning by 85.2% in the fourth quarter. State of Alaska Department of Revenue now owns 145,816 shares of the electronics maker’s stock valued at $4,662,000 after purchasing an additional 67,100 shares during the last quarter. BKD Wealth Advisors LLC increased its holdings in shares of Corning by 9.2% in the fourth quarter. BKD Wealth Advisors LLC now owns 17,415 shares of the electronics maker’s stock valued at $557,000 after purchasing an additional 1,464 shares during the last quarter. Finally, Fox Run Management L.L.C. acquired a new position in shares of Corning in the fourth quarter valued at $397,000. Hedge funds and other institutional investors own 72.15% of the company’s stock.

Corning (NYSE:GLW) traded up $0.05 during midday trading on Friday, hitting $34.71. 5,100,664 shares of the stock were exchanged, compared to its average volume of 5,010,000. 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 12 month low of $24.54 and a 12 month high of $35.10. The firm has a market capitalization of $30,160.00, a P/E ratio of 14.77, a PEG ratio of 2.83 and a beta of 1.33.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, beating the Zacks’ 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 company had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.59 billion. During the same period last year, the company earned $0.42 earnings per share. The firm’s revenue was up 4.0% compared to the same quarter last year. sell-side analysts predict that Corning will post 1.7 earnings per share for the current fiscal year.

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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).

Analyst Recommendations for Corning (NYSE:GLW)

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