JPMorgan Chase & Co. Issues Pessimistic Forecast for Corning (NYSE:GLW) Stock Price

Corning (NYSE:GLW) had its target price cut by research analysts at JPMorgan Chase & Co. from $62.00 to $50.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the electronics maker’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 20.49% from the company’s previous close.

Other equities analysts also recently issued reports about the company. Bank of America increased their target price on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, March 19th. Citigroup cut their price target on shares of Corning from $58.00 to $50.00 and set a “buy” rating for the company in a report on Monday, April 14th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and upped their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Mizuho set a $52.00 price target on Corning in a report on Tuesday. Finally, StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $53.31.

Corning Trading Up 0.5 %

Shares of GLW stock opened at $41.50 on Thursday. Corning has a twelve month low of $30.91 and a twelve month high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The business’s 50 day moving average is $46.42 and its two-hundred day moving average is $47.65. The company has a market capitalization of $35.55 billion, a P/E ratio of 71.55, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Equities analysts forecast that Corning will post 2.33 EPS for the current year.

Insider Activity at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the transaction, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Corning

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of Corning by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker’s stock valued at $4,747,402,000 after purchasing an additional 916,528 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Corning by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker’s stock valued at $875,633,000 after acquiring an additional 533,686 shares during the last quarter. Northern Trust Corp boosted its holdings in Corning by 2.0% in the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker’s stock valued at $516,560,000 after acquiring an additional 208,826 shares during the last quarter. Norges Bank purchased a new stake in Corning during the fourth quarter valued at about $490,933,000. Finally, Dimensional Fund Advisors LP increased its stake in Corning by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker’s stock worth $465,723,000 after acquiring an additional 78,497 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

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.