Barclays Cuts Corning (NYSE:GLW) Price Target to $52.00

Corning (NYSE:GLW) had its price objective dropped by equities researchers at Barclays from $53.00 to $52.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the electronics maker’s stock. Barclays‘s price target would indicate a potential upside of 4.07% from the company’s current price.

GLW has been the topic of several other reports. Morgan Stanley upped their price target on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. UBS Group boosted their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Citigroup boosted their price objective on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. 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. Finally, StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $51.23.

Corning Stock Down 2.5 %

GLW traded down $1.26 during mid-day trading on Wednesday, reaching $49.97. 14,818,258 shares of the stock were exchanged, compared to its average volume of 6,030,610. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The stock has a market capitalization of $42.78 billion, a PE ratio of 293.93, a price-to-earnings-growth ratio of 1.46 and a beta of 1.04. The company has a 50 day moving average price of $48.62 and a two-hundred day moving average price of $45.57. Corning has a 1 year low of $30.72 and a 1 year high of $55.33.

Corning (NYSE:GLW) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. As a group, research analysts anticipate that Corning will post 1.95 EPS for the current year.

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This trade represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Hedge Funds Weigh In On Corning

Institutional investors have recently added to or reduced their stakes in the company. Sound Income Strategies LLC increased its position in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after buying an additional 227 shares in the last quarter. City Holding Co. increased its position in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares in the last quarter. Rosenberg Matthew Hamilton increased its position in Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after buying an additional 500 shares in the last quarter. Cassady Schiller Wealth Management LLC acquired a new position in Corning during the 3rd quarter valued at about $39,000. Finally, RPg Family Wealth Advisory LLC acquired a new position in Corning during the 3rd quarter valued at about $40,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

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.