Corning Incorporated (NYSE:GLW) Shares Purchased by Viking Fund Management LLC

Viking Fund Management LLC raised its position in shares of Corning Incorporated (NYSE:GLW) by 8.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 250,000 shares of the electronics maker’s stock after purchasing an additional 20,000 shares during the period. Corning accounts for about 1.8% of Viking Fund Management LLC’s investment portfolio, making the stock its 10th largest position. Viking Fund Management LLC’s holdings in Corning were worth $11,880,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. FMR LLC boosted its holdings in shares of Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after buying an additional 1,285,836 shares during the period. State Street Corp boosted its holdings in Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after acquiring an additional 1,242,718 shares during the period. Los Angeles Capital Management LLC grew its position in shares of Corning by 215.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock valued at $75,740,000 after purchasing an additional 1,145,955 shares during the last quarter. Pathway Financial Advisers LLC increased its stake in shares of Corning by 4,306.9% in the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock worth $47,428,000 after purchasing an additional 1,026,626 shares during the period. Finally, Shellback Capital LP acquired a new position in shares of Corning during the 2nd quarter worth about $34,483,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Price Performance

Corning stock opened at $51.58 on Wednesday. The business has a 50 day simple moving average of $47.98 and a 200 day simple moving average of $45.16. Corning Incorporated has a one year low of $30.30 and a one year high of $52.03. The company has a market capitalization of $44.17 billion, a PE ratio of 303.43, a price-to-earnings-growth ratio of 1.35 and a beta of 1.04. 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 announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter last year, the company posted $0.45 EPS. On average, sell-side analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GLW has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Citigroup upped their price objective on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday. Barclays lifted their target price on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.31.

Insider Activity at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction 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 sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. This trade represents a 42.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Insiders own 0.45% of the company’s stock.

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.