DnB Asset Management AS reduced its holdings in Corning Incorporated (NYSE:GLW) by 7.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 97,495 shares of the electronics maker’s stock after selling 7,300 shares during the period. DnB Asset Management AS’s holdings in Corning were worth $3,119,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also modified their holdings of GLW. GLG Partners LP purchased a new position in shares of Corning in the 2nd quarter worth $102,000. MPS Loria Financial Planners LLC purchased a new position in shares of Corning in the 2nd quarter worth $112,000. Benjamin F. Edwards & Company Inc. grew its stake in shares of Corning by 241.6% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock worth $112,000 after buying an additional 2,650 shares in the last quarter. Harfst & Associates Inc. grew its stake in shares of Corning by 44.7% in the 2nd quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock worth $143,000 after buying an additional 1,481 shares in the last quarter. Finally, Cable Hill Partners LLC grew its stake in shares of Corning by 1,041.3% in the 3rd quarter. Cable Hill Partners LLC now owns 5,273 shares of the electronics maker’s stock worth $158,000 after buying an additional 4,811 shares in the last quarter. 72.11% of the stock is owned by institutional investors and hedge funds.
In related news, Director Deborah Rieman sold 2,083 shares of Corning stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $32.16, for a total transaction of $66,989.28. Following the completion of the sale, the director now owns 102,896 shares in the company, valued at approximately $3,309,135.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Eric S. Musser sold 29,949 shares of Corning stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $31.56, for a total transaction of $945,190.44. Following the sale, the vice president now owns 49,471 shares of the company’s stock, valued at approximately $1,561,304.76. The disclosure for this sale can be found here. Insiders have sold a total of 348,320 shares of company stock valued at $10,996,824 in the last quarter. 0.59% of the stock is currently owned by company insiders.
GLW has been the subject of a number of recent research reports. Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $36.00 price objective for the company in a research note on Tuesday, December 19th. Guggenheim reaffirmed a “buy” rating and set a $35.00 price target on shares of Corning in a research note on Tuesday, December 12th. Deutsche Bank lifted their price target on shares of Corning from $33.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. Barclays set a $38.00 price target on shares of Corning and gave the stock a “buy” rating in a research note on Wednesday. Finally, ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $30.48.
Corning Incorporated (NYSE:GLW) opened at $34.66 on Friday. Corning Incorporated has a 52 week low of $24.13 and a 52 week high of $34.69. The company has a current ratio of 2.69, a quick ratio of 2.14 and a debt-to-equity ratio of 0.26. The company has a market cap of $30,120.00, a PE ratio of 14.75, a P/E/G ratio of 2.76 and a beta of 1.33.
Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. Corning had a net margin of 24.98% and a return on equity of 11.53%. The company had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.59 billion. During the same quarter last year, the business posted $0.42 EPS. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. analysts predict that Corning Incorporated will post 1.7 earnings per share for the current year.
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Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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