Corning (NYSE:GLW) Reaches New 52-Week High After Analyst Upgrade

Corning Incorporated (NYSE:GLW)’s share price reached a new 52-week high during trading on Tuesday after Citigroup raised their price target on the stock from $55.00 to $58.00. Citigroup currently has a buy rating on the stock. Corning traded as high as $51.12 and last traded at $50.88, with a volume of 532802 shares traded. The stock had previously closed at $49.84.

Several other research firms also recently issued reports on GLW. Deutsche Bank Aktiengesellschaft boosted their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. lifted their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Barclays increased their price target on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and an average price target of $51.31.

Insider Activity

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. Corporate insiders own 0.45% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of GLW. Pacer Advisors Inc. lifted its holdings in shares of Corning by 24.2% in the second quarter. Pacer Advisors Inc. now owns 71,772 shares of the electronics maker’s stock worth $2,788,000 after buying an additional 14,004 shares in the last quarter. Summit Trail Advisors LLC raised its stake in Corning by 60.3% in the second quarter. Summit Trail Advisors LLC now owns 13,160 shares of the electronics maker’s stock valued at $511,000 after purchasing an additional 4,948 shares in the last quarter. Hancock Whitney Corp purchased a new stake in Corning in the second quarter valued at approximately $211,000. Profund Advisors LLC grew its position in Corning by 7.1% during the second quarter. Profund Advisors LLC now owns 15,593 shares of the electronics maker’s stock valued at $606,000 after acquiring an additional 1,036 shares during the last quarter. Finally, Frank Rimerman Advisors LLC bought a new position in Corning during the second quarter valued at approximately $484,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Price Performance

The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The business’s 50-day simple moving average is $47.98 and its 200 day simple moving average is $45.16. The firm has a market capitalization of $44.17 billion, a P/E ratio of 303.43, a PEG ratio of 1.35 and a beta of 1.04.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business’s revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the business earned $0.45 earnings per share. Sell-side analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current year.

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.