Corning (NYSE:GLW) Sets New 52-Week High – Here’s What Happened

Corning Incorporated (NYSE:GLW) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $107.73 and last traded at $110.9640, with a volume of 5802410 shares. The stock had previously closed at $94.95.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of recent analyst reports. Wall Street Zen raised Corning from a “hold” rating to a “buy” rating in a research report on Friday. UBS Group restated a “buy” rating and set a $109.00 target price (up previously from $100.00) on shares of Corning in a report on Friday, November 21st. Citigroup lifted their price target on shares of Corning from $99.00 to $102.00 and gave the company a “buy” rating in a report on Monday, January 12th. Barclays boosted their price objective on shares of Corning from $65.00 to $83.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 29th. Finally, Oppenheimer set a $100.00 target price on shares of Corning and gave the stock an “outperform” rating in a research report on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Corning has an average rating of “Moderate Buy” and an average target price of $93.36.

Corning Trading Up 15.7%

The stock’s fifty day moving average price is $87.91 and its 200 day moving average price is $78.88. The stock has a market cap of $94.16 billion, a P/E ratio of 69.44, a PEG ratio of 1.64 and a beta of 1.13. The company has a current ratio of 1.56, a quick ratio of 1.00 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last issued its quarterly 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 period last year, the company posted $0.54 EPS. Corning’s revenue was up 20.9% on a year-over-year basis. Equities research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Insider Buying and Selling at Corning

In other news, CFO Edward A. Schlesinger sold 20,893 shares of the business’s stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $91.25, for a total value of $1,906,486.25. Following the sale, the chief financial officer directly owned 66,959 shares of the company’s stock, valued at $6,110,008.75. The trade was a 23.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Stefan Becker sold 12,100 shares of the firm’s stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $91.28, for a total value of $1,104,488.00. Following the transaction, the senior vice president directly owned 5,049 shares of the company’s stock, valued at approximately $460,872.72. This trade represents a 70.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 156,135 shares of company stock valued at $14,088,769 over the last ninety days. Company insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Corning

Hedge funds have recently bought and sold shares of the company. Capital Research Global Investors bought a new position in shares of Corning in the third quarter worth approximately $907,164,000. Norges Bank purchased a new position in Corning in the 2nd quarter worth approximately $534,936,000. WCM Investment Management LLC purchased a new position in Corning in the 3rd quarter worth approximately $676,931,000. Wellington Management Group LLP lifted its position in Corning by 30.3% in the 3rd quarter. Wellington Management Group LLP now owns 16,557,489 shares of the electronics maker’s stock valued at $1,358,211,000 after acquiring an additional 3,848,540 shares in the last quarter. Finally, Voya Investment Management LLC boosted its stake in Corning by 748.0% during the 3rd quarter. Voya Investment Management LLC now owns 3,169,741 shares of the electronics maker’s stock valued at $260,014,000 after purchasing an additional 2,795,948 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Company Profile

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.