Corning (NYSE:GLW) Price Target Cut to $120.00 by Analysts at Sanford C. Bernstein

Corning (NYSE:GLW) had its price target dropped by Sanford C. Bernstein from $140.00 to $120.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has a “market perform” rating on the electronics maker’s stock. Sanford C. Bernstein‘s price target points to a potential upside of 4.63% from the stock’s current price.

GLW has been the topic of a number of other reports. UBS Group lowered their target price on shares of Corning from $201.00 to $192.00 and set a “buy” rating on the stock in a research note on Wednesday, October 28th. Weiss Ratings lowered shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, August 21st. Barclays increased their price target on shares of Corning from $129.00 to $132.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 28th. Oppenheimer lowered their price objective on shares of Corning from $230.00 to $200.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 29th. Finally, Wall Street Zen upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Saturday, October 10th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $174.56.

Corning Stock Performance

Shares of GLW traded up $8.56 during trading hours on Monday, hitting $114.69. The company’s stock had a trading volume of 3,908,619 shares, compared to its average volume of 11,890,327. The business has a 50 day simple moving average of $144.47 and a two-hundred day simple moving average of $155.55. Corning has a 52-week low of $77.39 and a 52-week high of $271.78. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.72 and a quick ratio of 1.17. The company has a market cap of $98.80 billion, a price-to-earnings ratio of 46.41, a PEG ratio of 1.31 and a beta of 1.23.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. The business had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $5.03 billion. Corning had a return on equity of 20.83% and a net margin of 12.13%. The firm’s revenue was up 18.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.67 EPS. On average, equities analysts expect that Corning will post 3.38 earnings per share for the current fiscal year.

Insider Transactions at Corning

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the completion of the transaction, the executive vice president owned 15,052 shares of the company’s stock, valued at $2,277,217.08. This represents a 46.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.25% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Corning

Hedge funds have recently made changes to their positions in the business. Atwood & Palmer Inc. acquired a new stake in shares of Corning during the 2nd quarter worth approximately $26,000. Rogco LP acquired a new position in Corning in the second quarter valued at approximately $27,000. Western Pacific Wealth Management LP acquired a new position in Corning in the third quarter valued at approximately $25,000. Kings Path Partners LLC purchased a new position in Corning in the third quarter worth approximately $25,000. Finally, Toth Financial Advisory Corp grew its position in Corning by 130.7% in the third quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 98 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Company Profile

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries.

Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.

Headquartered in Corning, New York, the company serves customers worldwide through operations and sales across multiple geographies.