Ingalls & Snyder LLC reduced its holdings in Corning Incorporated (NYSE:GLW) by 9.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 30,385 shares of the electronics maker’s stock after selling 3,020 shares during the period. Ingalls & Snyder LLC’s holdings in Corning were worth $885,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of GLW. Horan Securities Inc. acquired a new stake in Corning in the third quarter valued at approximately $29,000. B & T Capital Management DBA Alpha Capital Management acquired a new stake in Corning in the third quarter valued at approximately $29,000. Patriot Financial Group Insurance Agency LLC grew its holdings in Corning by 351.9% in the third quarter. Patriot Financial Group Insurance Agency LLC now owns 1,220 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 950 shares during the period. Horan Capital Advisors LLC. acquired a new stake in Corning in the third quarter valued at approximately $44,000. Finally, Pinebridge Investments L.P. acquired a new stake in Corning in the second quarter valued at approximately $46,000. 73.54% of the stock is currently owned by institutional investors.
Several analysts have commented on the company. Citigroup reissued a “buy” rating and issued a $34.00 price objective (up from $32.00) on shares of Corning in a report on Wednesday, October 30th. TheStreet raised Corning from a “c+” rating to a “b-” rating in a report on Friday, November 8th. ValuEngine lowered Corning from a “buy” rating to a “hold” rating in a report on Wednesday, December 4th. UBS Group dropped their price objective on Corning from $33.00 to $30.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Finally, Morgan Stanley lowered Corning from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $34.00 to $33.00 in a report on Wednesday, January 8th. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $32.55.
Shares of NYSE:GLW opened at $29.67 on Thursday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.71 and a quick ratio of 1.06. The business’s 50 day moving average price is $29.04 and its 200-day moving average price is $29.57. The firm has a market capitalization of $23.16 billion, a PE ratio of 16.67, a P/E/G ratio of 2.02 and a beta of 1.14. Corning Incorporated has a 1 year low of $26.75 and a 1 year high of $35.34.
Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.44 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.04. The firm had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.87 billion. Corning had a return on equity of 15.19% and a net margin of 10.41%. The business’s revenue was down 2.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.51 earnings per share. As a group, analysts expect that Corning Incorporated will post 1.74 earnings per share for the current year.
In other Corning news, VP Christine M. Pambianchi sold 1,000 shares of the business’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $29.78, for a total transaction of $29,780.00. Following the transaction, the vice president now owns 58,036 shares of the company’s stock, valued at $1,728,312.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Martin J. Curran sold 13,254 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $30.00, for a total value of $397,620.00. Following the transaction, the vice president now directly owns 6,529 shares in the company, valued at approximately $195,870. The disclosure for this sale can be found here. Insiders sold 82,325 shares of company stock worth $2,481,690 over the last ninety days. Corporate insiders own 0.46% of the company’s stock.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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