Barclays Has Lowered Expectations for Corning (NYSE:GLW) Stock Price

Corning (NYSE:GLW) had its price target lowered by Barclays from $53.00 to $52.00 in a research note released on Wednesday,Benzinga reports. Barclays currently has an equal weight rating on the electronics maker’s stock.

GLW has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft upped their price target on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Morgan Stanley raised their target price on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Oppenheimer reiterated an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. lifted their target price on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and an average price target of $51.23.

Corning Trading Down 2.5 %

NYSE GLW opened at $49.97 on Wednesday. Corning has a 52 week low of $30.72 and a 52 week high of $55.33. The firm has a 50 day moving average of $48.62 and a two-hundred day moving average of $45.57. The stock has a market capitalization of $42.78 billion, a PE ratio of 293.93, a price-to-earnings-growth ratio of 1.46 and a beta of 1.04. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. As a group, research analysts expect that Corning will post 1.95 EPS for the current fiscal year.

Insider Activity at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Corning

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Figure 8 Investment Strategies LLC acquired a new position in Corning during the 4th quarter worth $2,459,000. Bogart Wealth LLC raised its stake in shares of Corning by 18.3% during the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock worth $67,000 after buying an additional 219 shares during the last quarter. SFE Investment Counsel lifted its holdings in Corning by 1.9% in the fourth quarter. SFE Investment Counsel now owns 24,826 shares of the electronics maker’s stock valued at $1,180,000 after buying an additional 470 shares during the period. MFG Wealth Management Inc. acquired a new stake in Corning during the 4th quarter worth $2,186,000. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of Corning in the 4th quarter valued at $82,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

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.