Oppenheimer Reaffirms “Outperform” Rating for Corning (NYSE:GLW)

Corning (NYSE:GLW)‘s stock had its “outperform” rating reissued by equities research analysts at Oppenheimer in a research report issued on Wednesday, Benzinga reports. They currently have a $47.00 price objective on the electronics maker’s stock, down from their prior price objective of $50.00. Oppenheimer’s price objective would suggest a potential upside of 18.27% from the company’s current price.

A number of other equities analysts also recently commented on GLW. Mizuho lifted their target price on shares of Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 18th. Bank of America lowered their target price on shares of Corning from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday. JPMorgan Chase & Co. upped their target price on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft raised Corning from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a research report on Wednesday. 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. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $44.85.

Corning Stock Performance

GLW opened at $39.74 on Wednesday. The firm has a fifty day moving average price of $40.06 and a 200 day moving average price of $35.09. Corning has a 1 year low of $25.26 and a 1 year high of $46.39. The stock has a market cap of $34.04 billion, a P/E ratio of 55.97, a P/E/G ratio of 1.58 and a beta of 1.05. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business’s revenue was up 3.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.45 earnings per share. Equities research analysts anticipate that Corning will post 1.94 earnings per share for the current year.

Insider Buying and Selling

In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the sale, the vice president now directly owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, VP Martin J. Curran sold 16,416 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $33.70, for a total transaction of $553,219.20. Following the completion of the transaction, the vice president now directly owns 65,598 shares of the company’s stock, valued at $2,210,652.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jeffrey W. Evenson sold 12,830 shares of the firm’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the sale, the vice president now directly owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The disclosure for this sale can be found here. Insiders have sold a total of 145,229 shares of company stock valued at $4,885,294 over the last quarter. 0.40% of the stock is currently owned by insiders.

Institutional Trading of Corning

Several large investors have recently modified their holdings of GLW. IFG Advisory LLC lifted its stake in Corning by 7.3% in the 2nd quarter. IFG Advisory LLC now owns 80,635 shares of the electronics maker’s stock valued at $3,133,000 after buying an additional 5,509 shares in the last quarter. Rothschild Investment LLC purchased a new stake in shares of Corning in the second quarter valued at $1,366,000. Benedict Financial Advisors Inc. lifted its position in shares of Corning by 1.9% in the second quarter. Benedict Financial Advisors Inc. now owns 103,665 shares of the electronics maker’s stock valued at $4,027,000 after acquiring an additional 1,936 shares in the last quarter. Pinnacle Associates Ltd. boosted its stake in shares of Corning by 1.4% during the second quarter. Pinnacle Associates Ltd. now owns 316,244 shares of the electronics maker’s stock valued at $12,286,000 after acquiring an additional 4,282 shares during the last quarter. Finally, Integral Investment Advisors Inc. increased its position in Corning by 5.0% during the 2nd quarter. Integral Investment Advisors Inc. now owns 9,423 shares of the electronics maker’s stock worth $364,000 after purchasing an additional 446 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Company Profile

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.