Brokerages Set Corning Incorporated (NYSE:GLW) Price Target at $93.36

Shares of Corning Incorporated (NYSE:GLW) have been assigned an average recommendation of “Moderate Buy” from the fifteen brokerages that are covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation, eleven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $93.3636.

GLW has been the subject of a number of recent research reports. Wall Street Zen raised shares of Corning from a “hold” rating to a “buy” rating in a report on Friday. Morgan Stanley increased their price target on Corning from $82.00 to $98.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 17th. Argus lifted their price objective on Corning from $68.00 to $110.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Weiss Ratings reissued a “buy (b-)” rating on shares of Corning in a report on Monday, December 29th. Finally, Mizuho set a $97.00 price target on Corning in a research report on Wednesday, October 29th.

Corning Stock Performance

Shares of NYSE GLW opened at $95.06 on Thursday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.56 and a quick ratio of 1.00. The firm has a market cap of $81.50 billion, a price-to-earnings ratio of 60.16, a P/E/G ratio of 1.64 and a beta of 1.13. The stock’s fifty day moving average price is $87.91 and its two-hundred day moving average price is $78.88. Corning has a one year low of $37.31 and a one year high of $96.64.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 28th. The electronics maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.01. Corning had a net margin of 9.16% and a return on equity of 18.12%. The company had revenue of $4.10 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the previous year, the business posted $0.54 earnings per share. Corning’s quarterly revenue was up 20.9% on a year-over-year basis. On average, equities analysts forecast that Corning will post 2.33 EPS for the current year.

Insider Activity

In other Corning news, insider Eric S. Musser sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $90.17, for a total transaction of $9,017,000.00. Following the completion of the transaction, the insider directly owned 44,926 shares in the company, valued at $4,050,977.42. The trade was a 69.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Lewis A. Steverson sold 23,142 shares of the firm’s stock in a transaction on Friday, October 31st. The shares were sold at an average price of $89.05, for a total value of $2,060,795.10. Following the completion of the sale, the executive vice president directly owned 17,575 shares in the company, valued at approximately $1,565,053.75. This represents a 56.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 156,135 shares of company stock valued at $14,088,769 in the last 90 days. 0.32% of the stock is owned by corporate insiders.

Institutional Trading of Corning

Institutional investors and hedge funds have recently modified their holdings of the business. CVA Family Office LLC raised its stake in Corning by 10.3% during the third quarter. CVA Family Office LLC now owns 1,190 shares of the electronics maker’s stock worth $98,000 after acquiring an additional 111 shares in the last quarter. Angeles Wealth Management LLC grew its holdings in shares of Corning by 2.8% during the 3rd quarter. Angeles Wealth Management LLC now owns 4,242 shares of the electronics maker’s stock valued at $348,000 after purchasing an additional 116 shares during the last quarter. Vista Investment Partners LLC increased its position in Corning by 1.3% during the 3rd quarter. Vista Investment Partners LLC now owns 9,496 shares of the electronics maker’s stock worth $779,000 after purchasing an additional 119 shares in the last quarter. Sapient Capital LLC lifted its stake in Corning by 2.2% in the 3rd quarter. Sapient Capital LLC now owns 5,626 shares of the electronics maker’s stock valued at $452,000 after purchasing an additional 120 shares during the last quarter. Finally, Sivia Capital Partners LLC lifted its stake in Corning by 1.6% in the 3rd quarter. Sivia Capital Partners LLC now owns 7,740 shares of the electronics maker’s stock valued at $635,000 after purchasing an additional 124 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

About Corning

Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.

Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.