Corning (NYSE:GLW) Price Target Increased to $55.00 by Analysts at JPMorgan Chase & Co.

Corning (NYSE:GLW) had its target price raised by analysts at JPMorgan Chase & Co. from $47.00 to $55.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the electronics maker’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 28.96% from the company’s current price.

A number of other equities research analysts have also weighed in on GLW. Citigroup lifted their target price on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Susquehanna reaffirmed a “positive” rating and set a $40.00 target price on shares of Corning in a research report on Monday, April 1st. Mizuho lifted their target price on Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a research report on Tuesday, June 18th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on Corning from $39.00 to $46.00 and gave the company a “hold” rating in a research report on Tuesday, July 9th. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Corning presently has a consensus rating of “Hold” and an average price target of $44.31.

Corning Price Performance

Shares of NYSE:GLW traded down $0.20 during trading on Monday, hitting $42.65. 3,047,153 shares of the company’s stock were exchanged, compared to its average volume of 5,983,468. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. Corning has a 52-week low of $25.26 and a 52-week high of $46.39. The business’s 50-day simple moving average is $39.85 and its 200 day simple moving average is $34.94. The company has a market cap of $36.53 billion, a price-to-earnings ratio of 59.86, a PEG ratio of 1.58 and a beta of 1.05.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same period last year, the company earned $0.41 EPS. Corning’s quarterly revenue was down 11.5% compared to the same quarter last year. As a group, equities analysts predict that Corning will post 1.94 EPS for the current year.

Insider Activity at Corning

In related news, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the transaction, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the transaction, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total value 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 disclosure for this sale can be found here. Insiders have sold 175,207 shares of company stock valued at $5,876,067 in the last ninety days. Corporate insiders own 0.40% of the company’s stock.

Institutional Trading of Corning

A number of hedge funds have recently modified their holdings of the stock. Fifth Third Bancorp boosted its position in Corning by 7.8% during the fourth quarter. Fifth Third Bancorp now owns 86,852 shares of the electronics maker’s stock worth $2,645,000 after purchasing an additional 6,313 shares in the last quarter. AdvisorNet Financial Inc raised its holdings in shares of Corning by 25.9% during the fourth quarter. AdvisorNet Financial Inc now owns 4,178 shares of the electronics maker’s stock valued at $127,000 after acquiring an additional 860 shares during the last quarter. Bridge Creek Capital Management LLC raised its holdings in shares of Corning by 0.5% during the fourth quarter. Bridge Creek Capital Management LLC now owns 118,499 shares of the electronics maker’s stock valued at $3,608,000 after acquiring an additional 535 shares during the last quarter. Essex Savings Bank raised its holdings in shares of Corning by 9.1% during the fourth quarter. Essex Savings Bank now owns 8,356 shares of the electronics maker’s stock valued at $254,000 after acquiring an additional 694 shares during the last quarter. Finally, Monte Financial Group LLC raised its holdings in shares of Corning by 12.1% during the fourth quarter. Monte Financial Group LLC now owns 160,979 shares of the electronics maker’s stock valued at $4,902,000 after acquiring an additional 17,337 shares during the last quarter. Hedge funds and other institutional investors 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.