Burns Matteson Capital Management LLC Sells 95,853 Shares of Corning Incorporated (NYSE:GLW)

Burns Matteson Capital Management LLC cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 11.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 733,967 shares of the electronics maker’s stock after selling 95,853 shares during the period. Corning comprises about 17.1% of Burns Matteson Capital Management LLC’s investment portfolio, making the stock its biggest holding. Burns Matteson Capital Management LLC’s holdings in Corning were worth $34,878,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Newbridge Financial Services Group Inc. raised its holdings in Corning by 30.2% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 25,618 shares of the electronics maker’s stock valued at $1,217,000 after acquiring an additional 5,940 shares in the last quarter. Kestra Private Wealth Services LLC increased its position in shares of Corning by 12.7% in the 4th quarter. Kestra Private Wealth Services LLC now owns 59,525 shares of the electronics maker’s stock worth $2,829,000 after purchasing an additional 6,708 shares during the last quarter. Stephens Inc. AR raised its stake in shares of Corning by 8.5% in the 4th quarter. Stephens Inc. AR now owns 16,191 shares of the electronics maker’s stock valued at $769,000 after purchasing an additional 1,263 shares in the last quarter. Howland Capital Management LLC bought a new position in shares of Corning during the fourth quarter worth about $464,000. Finally, Benedict Financial Advisors Inc. grew its stake in Corning by 1.5% in the fourth quarter. Benedict Financial Advisors Inc. now owns 105,940 shares of the electronics maker’s stock worth $5,034,000 after purchasing an additional 1,542 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related 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 value of $241,950.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 46,085 shares of company stock worth $2,345,436. Corporate insiders own 0.40% of the company’s stock.

Corning Trading Down 1.2 %

Corning stock opened at $52.99 on Monday. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The stock has a market capitalization of $45.37 billion, a PE ratio of 91.36, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The firm has a 50 day simple moving average of $49.22 and a 200-day simple moving average of $45.94. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. As a group, equities research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have commented on GLW shares. Barclays reduced their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Oppenheimer restated an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Citigroup boosted their target price on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Finally, Morgan Stanley lifted their price target on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Company 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.