Corning Incorporated (NYSE:GLW) Holdings Increased by O Keefe Stevens Advisory Inc.

O Keefe Stevens Advisory Inc. increased its holdings in shares of Corning Incorporated (NYSE:GLW) by 0.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 309,078 shares of the electronics maker’s stock after purchasing an additional 463 shares during the quarter. Corning accounts for 4.5% of O Keefe Stevens Advisory Inc.’s portfolio, making the stock its 4th biggest holding. O Keefe Stevens Advisory Inc.’s holdings in Corning were worth $14,687,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Northstar Advisory Group LLC increased its position in Corning by 258.4% during the fourth quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock valued at $5,883,000 after acquiring an additional 89,268 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Corning by 48.4% in the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock worth $8,975,000 after buying an additional 62,514 shares during the last quarter. FMR LLC grew its position in Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after buying an additional 1,285,836 shares during the period. MBB Public Markets I LLC increased its holdings in Corning by 806.7% during the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after buying an additional 57,800 shares during the last quarter. Finally, First Financial Bank Trust Division raised its position in Corning by 27.5% in the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock worth $6,565,000 after acquiring an additional 29,790 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

GLW has been the subject of several analyst reports. Morgan Stanley upped their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. UBS Group boosted their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Barclays raised their target price on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Finally, Bank of America upped their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $50.77.

Corning Stock Performance

Corning stock opened at $49.83 on Friday. The company has a market cap of $42.66 billion, a PE ratio of 293.12, a price-to-earnings-growth ratio of 1.28 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. The company’s 50-day moving average price is $47.96 and its 200-day moving average price is $44.99. Corning Incorporated has a twelve month low of $29.82 and a twelve month high of $51.03.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the business earned $0.45 earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities research analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning 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 completion of the sale, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were 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. Insiders own 0.45% 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.