Tallon Kerry Patrick Makes New $302,000 Investment in Corning Incorporated (NYSE:GLW)

Tallon Kerry Patrick bought a new position in Corning Incorporated (NYSE:GLW) during the fourth quarter, Holdings Channel.com reports. The institutional investor bought 6,468 shares of the electronics maker’s stock, valued at approximately $302,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Hennion & Walsh Asset Management Inc. increased its stake in Corning by 34.2% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 7,994 shares of the electronics maker’s stock worth $380,000 after acquiring an additional 2,035 shares during the last quarter. RMR Wealth Builders increased its stake in Corning by 6.5% in the 4th quarter. RMR Wealth Builders now owns 27,367 shares of the electronics maker’s stock worth $1,300,000 after acquiring an additional 1,661 shares during the last quarter. Silverberg Bernstein Capital Management LLC bought a new position in Corning in the 4th quarter worth about $207,000. Radnor Capital Management LLC increased its stake in Corning by 1.6% in the 4th quarter. Radnor Capital Management LLC now owns 42,290 shares of the electronics maker’s stock worth $2,010,000 after acquiring an additional 655 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. increased its stake in Corning by 17.2% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 6,543 shares of the electronics maker’s stock worth $311,000 after acquiring an additional 962 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was 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 directly owns 6,700 shares of the company’s stock, valued at $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on GLW shares. Susquehanna upped their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Morgan Stanley upped their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Oppenheimer reiterated an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. JPMorgan Chase & Co. upped their price objective on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Finally, UBS Group upped their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and a consensus target price of $50.77.

Corning Trading Up 0.9 %

Shares of GLW stock opened at $49.24 on Friday. The stock has a market capitalization of $42.16 billion, a PE ratio of 289.64, a P/E/G ratio of 1.28 and a beta of 1.04. Corning Incorporated has a 1-year low of $29.71 and a 1-year high of $51.03. The business has a 50-day moving average of $47.92 and a 200 day moving average of $44.92. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05.

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

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.