Corning (NYSE:GLW) Price Target Increased to $55.00 by Analysts at Susquehanna

Corning (NYSE:GLW) had its price target lifted by analysts at Susquehanna from $46.00 to $55.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “positive” rating on the electronics maker’s stock. Susquehanna’s price target would suggest a potential upside of 24.01% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. increased their price objective on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Oppenheimer restated an “outperform” rating and set a $47.00 price target (down previously from $50.00) on shares of Corning in a research note on Wednesday, July 31st. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price for the company in a report on Monday, June 17th. Finally, Citigroup raised their price objective on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and an average target price of $46.31.

Corning Stock Performance

Shares of Corning stock traded down $0.08 during midday trading on Friday, hitting $44.35. The company had a trading volume of 1,779,956 shares, compared to its average volume of 5,879,581. Corning has a 1-year low of $25.26 and a 1-year high of $46.39. The business’s 50 day simple moving average is $41.76 and its two-hundred day simple moving average is $37.43. The stock has a market cap of $37.95 billion, a PE ratio of 62.46, a P/E/G ratio of 1.66 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period last year, the business earned $0.45 earnings per share. As a group, equities analysts predict that Corning will post 1.91 EPS for the current fiscal year.

Institutional Trading of Corning

Hedge funds and other institutional investors have recently modified their holdings of the stock. Cape Investment Advisory Inc. boosted its holdings in shares of Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 800 shares during the period. Access Investment Management LLC acquired a new position in Corning in the 1st quarter valued at $28,000. EverSource Wealth Advisors LLC increased its position in Corning by 347.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after buying an additional 823 shares during the period. Future Financial Wealth Managment LLC acquired a new stake in shares of Corning during the first quarter worth $33,000. Finally, Register Financial Advisors LLC bought a new stake in shares of Corning in the first quarter valued at about $33,000. 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.