Hanseatic Management Services Inc. Buys 598 Shares of Corning Incorporated (NYSE:GLW)

Hanseatic Management Services Inc. boosted its stake in Corning Incorporated (NYSE:GLW) by 7.4% in the fourth quarter, HoldingsChannel reports. The firm owned 8,658 shares of the electronics maker’s stock after acquiring an additional 598 shares during the period. Hanseatic Management Services Inc.’s holdings in Corning were worth $411,000 as of its most recent filing with the Securities and Exchange Commission.

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

Corning Trading Up 1.2 %

Corning stock opened at $49.83 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The stock 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 stock has a 50-day moving average of $47.96 and a two-hundred day moving average of $45.03. Corning Incorporated has a one year low of $29.82 and a one year high of $51.03.

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

Insider Transactions at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the 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 transaction, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction that occurred on 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.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft increased their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Morgan Stanley increased their price objective on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. JPMorgan Chase & Co. boosted their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Finally, StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Corning currently has an average rating of “Moderate Buy” and a consensus target price of $50.77.

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.