Corning (NYSE:GLW) Given Overweight Rating at Morgan Stanley

Corning (NYSE:GLW)‘s stock had its “overweight” rating restated by analysts at Morgan Stanley in a report issued on Monday, Benzinga reports. They currently have a $35.00 price target on the electronics maker’s stock. Morgan Stanley’s price objective would suggest a potential upside of 11.01% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Barclays lifted their target price on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. Susquehanna reissued a “positive” rating and set a $40.00 target price on shares of Corning in a research note on Monday, April 1st. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. JPMorgan Chase & Co. boosted their price objective on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Finally, UBS Group increased their target price on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, April 8th. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $34.78.

Corning Stock Down 0.1 %

Corning stock opened at $31.53 on Monday. The stock has a 50 day moving average of $32.31 and a two-hundred day moving average of $30.42. Corning has a twelve month low of $25.26 and a twelve month high of $36.01. The stock has a market capitalization of $26.97 billion, a price-to-earnings ratio of 47.06, a PEG ratio of 1.73 and a beta of 1.08. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting the consensus estimate of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.26 billion. During the same quarter in the prior year, the business earned $0.47 earnings per share. The company’s quarterly revenue was down 12.1% compared to the same quarter last year. As a group, research analysts expect that Corning will post 1.87 earnings per share for the current year.

Insider Activity

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the sale, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.45% of the company’s stock.

Institutional Investors Weigh In On Corning

Hedge funds have recently made changes to their positions in the business. Norges Bank acquired a new stake in shares of Corning in the fourth quarter worth approximately $247,721,000. Wellington Management Group LLP grew its stake in shares of Corning by 9.0% during the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after buying an additional 2,597,878 shares during the period. Ameriprise Financial Inc. grew its stake in shares of Corning by 15.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after buying an additional 2,301,745 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Corning by 41.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after buying an additional 1,828,097 shares during the last quarter. Finally, Federated Hermes Inc. boosted its holdings in Corning by 1,329.2% in the fourth quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock valued at $40,239,000 after acquiring an additional 1,229,031 shares during the last quarter. Institutional investors and hedge funds 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.