Corning (NYSE:GLW) PT Raised to $37.00 at JPMorgan Chase & Co.

Corning (NYSE:GLW) had its target price increased by 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 objective indicates a potential upside of 9.73% from the stock’s previous close.

A number of other analysts have also recently issued reports on the company. Barclays increased their price objective on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. UBS Group boosted their price objective 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. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Susquehanna restated a “positive” rating and set a $40.00 price target on shares of Corning in a research report on Monday, April 1st. Finally, HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target on the stock. in a report on Thursday, February 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $34.89.

Corning Stock Performance

GLW traded up $0.15 during trading hours on Wednesday, hitting $33.72. The stock had a trading volume of 4,490,048 shares, compared to its average volume of 4,846,409. Corning has a 1 year low of $25.26 and a 1 year high of $36.01. The company’s fifty day simple moving average is $32.34 and its 200 day simple moving average is $30.57. 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 quick ratio of 1.05, a current ratio of 1.67 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 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the business earned $0.41 earnings per share. The company’s quarterly revenue was down 11.5% on a year-over-year basis. Equities analysts anticipate that Corning will post 1.88 earnings per share for the current year.

Insider Activity at Corning

In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were 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 in the company, valued at $1,034,266.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Lewis A. Steverson sold 29,978 shares of the firm’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 $1,034,266.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the transaction, 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 three months, insiders have sold 119,988 shares of company stock valued at $3,984,964. Corporate insiders own 0.40% of the company’s stock.

Institutional Trading of Corning

Institutional investors have recently made changes to their positions in the stock. Natixis Advisors L.P. boosted its position in Corning by 5.9% during the 3rd quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after buying an additional 5,616 shares during the period. KMG Fiduciary Partners LLC bought a new position in shares of Corning during the fourth quarter valued at about $1,199,000. Socha Financial Group LLC boosted its holdings in shares of Corning by 8.8% during the fourth quarter. Socha Financial Group LLC now owns 343,624 shares of the electronics maker’s stock worth $10,463,000 after purchasing an additional 27,772 shares during the period. HB Wealth Management LLC grew its stake in shares of Corning by 24.2% in the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock worth $301,000 after purchasing an additional 1,926 shares during the last quarter. Finally, SG Americas Securities LLC increased its holdings in Corning by 59.8% during the 4th quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock valued at $3,300,000 after purchasing an additional 40,564 shares during the period. 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.