Culbertson A N & Co. Inc. Trims Stock Position in Corning Incorporated (NYSE:GLW)

Culbertson A N & Co. Inc. trimmed its holdings in Corning Incorporated (NYSE:GLW) by 0.4% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 91,379 shares of the electronics maker’s stock after selling 380 shares during the period. Culbertson A N & Co. Inc.’s holdings in Corning were worth $4,342,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. City Holding Co. lifted its stake in shares of Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares during the last quarter. Rosenberg Matthew Hamilton raised its holdings in Corning by 202.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after buying an additional 500 shares during the period. Cassady Schiller Wealth Management LLC acquired a new position in Corning in the third quarter valued at about $39,000. RPg Family Wealth Advisory LLC purchased a new position in Corning during the third quarter worth about $40,000. Finally, Global Trust Asset Management LLC increased its position in shares of Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after acquiring an additional 900 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Up 1.2 %

Shares of NYSE:GLW opened at $49.83 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Corning Incorporated has a fifty-two week low of $29.82 and a fifty-two week high of $51.03. The stock has a market cap of $42.66 billion, a price-to-earnings ratio of 293.12, a price-to-earnings-growth ratio of 1.35 and a beta of 1.04. The firm’s 50 day moving average price is $47.96 and its 200 day moving average price is $45.08.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.45 EPS. As a group, equities research analysts predict that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’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 transaction of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction 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. 0.45% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently commented on GLW. JPMorgan Chase & Co. upped their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Morgan Stanley upped their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Barclays increased their target price on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. 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.