JPMorgan Chase & Co. Boosts Corning (NYSE:GLW) Price Target to $37.00

Corning (NYSE:GLW) had its price target hoisted by equities research analysts at JPMorgan Chase & Co. from $36.00 to $37.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the electronics maker’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 9.73% from the company’s previous close.

GLW has been the subject of several other reports. UBS Group boosted their target price on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Barclays raised their target price on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. Morgan Stanley reiterated an “overweight” rating and set a $35.00 price target on shares of Corning in a research report on Monday, April 22nd. Susquehanna restated a “positive” rating and issued a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. Finally, HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a research report on Thursday, February 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $34.89.

Corning Stock Performance

Shares of GLW stock traded up $0.15 during trading hours on Wednesday, hitting $33.72. The company’s stock had a trading volume of 4,490,048 shares, compared to its average volume of 4,846,409. The stock has a market cap of $28.84 billion, a PE ratio of 47.49, a price-to-earnings-growth ratio of 1.84 and a beta of 1.07. The company has a 50 day moving average of $32.34 and a 200 day moving average of $30.57. Corning has a 12-month low of $25.26 and a 12-month high of $36.01. 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 issued its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The firm had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company’s revenue was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.41 earnings per share. On average, sell-side analysts forecast that Corning will post 1.88 EPS for the current fiscal year.

Insider Buying and Selling at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, SVP John Z. Zhang sold 12,546 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the transaction, the senior vice president now directly owns 11,355 shares in the company, valued at $379,484.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the sale, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 119,988 shares of company stock worth $3,984,964. Insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Alaska Permanent Fund Corp grew its stake in shares of Corning by 0.4% in the first quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock worth $2,754,000 after acquiring an additional 329 shares in the last quarter. Level Four Advisory Services LLC grew its stake in Corning by 3.8% during the 4th quarter. Level Four Advisory Services LLC now owns 9,411 shares of the electronics maker’s stock worth $287,000 after purchasing an additional 343 shares in the last quarter. Madison Asset Management LLC grew its stake in Corning by 0.7% during the 4th quarter. Madison Asset Management LLC now owns 53,113 shares of the electronics maker’s stock worth $1,617,000 after purchasing an additional 349 shares in the last quarter. Patron Partners LLC increased its holdings in Corning by 2.4% during the 1st quarter. Patron Partners LLC now owns 14,761 shares of the electronics maker’s stock worth $487,000 after purchasing an additional 349 shares during the period. Finally, First Trust Direct Indexing L.P. raised its position in Corning by 4.1% in the 1st quarter. First Trust Direct Indexing L.P. now owns 9,206 shares of the electronics maker’s stock valued at $303,000 after purchasing an additional 361 shares in the last quarter. 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.