Oppenheimer Boosts Corning (NYSE:GLW) Price Target to $51.00

Corning (NYSE:GLW) had its price objective raised by analysts at Oppenheimer from $47.00 to $51.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an “outperform” rating on the electronics maker’s stock. Oppenheimer’s price target would indicate a potential upside of 15.10% from the company’s current price.

A number of other analysts have also commented on GLW. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a report on Tuesday, July 9th. Susquehanna raised their price target on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday. Morgan Stanley reissued an “equal weight” rating and set a $39.00 price objective on shares of Corning in a report on Friday, July 26th. UBS Group raised their target price on shares of Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Finally, Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

Corning Stock Down 0.3 %

GLW stock traded down $0.12 on Friday, reaching $44.31. 3,045,723 shares of the company traded hands, compared to its average volume of 5,888,824. The firm has a fifty day simple moving average of $41.76 and a 200-day simple moving average of $37.43. The company has a market cap of $37.92 billion, a P/E ratio of 62.41, a price-to-earnings-growth ratio of 1.66 and a beta of 1.04. Corning has a one year low of $25.26 and a one year high of $46.39. 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 announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating the consensus estimate of $0.46 by $0.01. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. Corning’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.45 EPS. Research analysts anticipate that Corning will post 1.91 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Cape Investment Advisory Inc. increased its holdings in Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 800 shares in the last quarter. Access Investment Management LLC bought a new stake in shares of Corning during the 1st quarter valued at $28,000. EverSource Wealth Advisors LLC raised its position in shares of Corning by 347.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 823 shares during the period. Future Financial Wealth Managment LLC purchased a new position in shares of Corning during the 1st quarter valued at $33,000. Finally, Register Financial Advisors LLC bought a new position in Corning in the 1st quarter worth $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.