YANKCOM Partnership bought a new position in shares of Corning Incorporated (NYSE:GLW – Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 15,695 shares of the electronics maker’s stock, valued at approximately $746,000.
Several other institutional investors and hedge funds have also recently modified their holdings of GLW. West Oak Capital LLC raised its stake in shares of Corning by 0.4% during the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after buying an additional 215 shares during the period. Buffington Mohr McNeal raised its stake in Corning by 2.1% in the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock valued at $497,000 after purchasing an additional 220 shares during the last quarter. Sound Income Strategies LLC lifted its holdings in Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after purchasing an additional 227 shares in the last quarter. Lake Street Advisors Group LLC boosted its stake in Corning by 4.5% during the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after purchasing an additional 232 shares during the last quarter. Finally, Goelzer Investment Management Inc. grew its holdings in shares of Corning by 0.4% during the fourth quarter. Goelzer Investment Management Inc. now owns 65,816 shares of the electronics maker’s stock worth $3,128,000 after buying an additional 236 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on GLW. Morgan Stanley raised their price target on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Oppenheimer reissued an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. UBS Group upped their price target on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Citigroup lifted their price objective on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Finally, JPMorgan Chase & Co. upped their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.
Insider Activity
In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the sale, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 46,085 shares of company stock worth $2,345,436. Corporate insiders own 0.45% of the company’s stock.
Corning Stock Performance
Shares of Corning stock opened at $53.31 on Thursday. The stock has a market capitalization of $45.64 billion, a price-to-earnings ratio of 91.91, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The business has a 50-day moving average of $48.92 and a 200 day moving average of $45.76. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33.
Corning (NYSE:GLW – Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. As a group, sell-side analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.
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.
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