Old Port Advisors Has $4.35 Million Stake in Corning Incorporated (NYSE:GLW)

Old Port Advisors lessened its stake in Corning Incorporated (NYSE:GLW) by 2.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 91,459 shares of the electronics maker’s stock after selling 1,871 shares during the period. Corning comprises 1.2% of Old Port Advisors’ portfolio, making the stock its 16th biggest holding. Old Port Advisors’ holdings in Corning were worth $4,346,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the company. West Oak Capital LLC grew its stake in shares of Corning by 0.4% in the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after purchasing an additional 215 shares during the period. Lake Street Advisors Group LLC grew its position in Corning by 4.5% in the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after acquiring an additional 232 shares during the period. SteelPeak Wealth LLC lifted its holdings in shares of Corning by 3.3% during the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after acquiring an additional 239 shares during the period. Brown Lisle Cummings Inc. boosted its stake in shares of Corning by 1.5% in the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after purchasing an additional 250 shares in the last quarter. Finally, Allworth Financial LP increased its position in shares of Corning by 1.3% during the 3rd quarter. Allworth Financial LP now owns 19,361 shares of the electronics maker’s stock worth $874,000 after purchasing an additional 251 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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. 0.45% of the stock is owned by company insiders.

Corning Trading Down 1.3 %

NYSE GLW traded down $0.60 on Thursday, reaching $46.92. The company had a trading volume of 823,728 shares, compared to its average volume of 5,478,839. Corning Incorporated has a 52 week low of $29.71 and a 52 week high of $51.03. The stock’s 50 day moving average is $47.92 and its 200-day moving average is $44.36. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The stock has a market cap of $40.17 billion, a price-to-earnings ratio of 276.00, a PEG ratio of 1.54 and a beta of 1.03.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. Corning’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period last year, the company posted $0.45 EPS. Equities analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on GLW shares. Barclays raised their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft boosted their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. UBS Group raised their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Finally, Bank of America raised their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and a consensus price target of $50.77.

Corning 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.