Red Cedar Investment Management LLC Purchases 14,402 Shares of Corning Incorporated $GLW

Red Cedar Investment Management LLC lifted its position in Corning Incorporated (NYSE:GLW) by 13.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 119,052 shares of the electronics maker’s stock after buying an additional 14,402 shares during the period. Corning comprises 1.1% of Red Cedar Investment Management LLC’s portfolio, making the stock its 17th largest holding. Red Cedar Investment Management LLC’s holdings in Corning were worth $9,766,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in GLW. Hartline Investment Corp increased its holdings in Corning by 113.2% during the third quarter. Hartline Investment Corp now owns 295,362 shares of the electronics maker’s stock valued at $24,229,000 after buying an additional 156,843 shares during the last quarter. Vanguard Group Inc. grew its holdings in Corning by 1.6% during the second quarter. Vanguard Group Inc. now owns 97,952,109 shares of the electronics maker’s stock valued at $5,151,301,000 after purchasing an additional 1,582,895 shares during the period. Schroder Investment Management Group raised its stake in shares of Corning by 638.0% in the second quarter. Schroder Investment Management Group now owns 546,407 shares of the electronics maker’s stock worth $28,736,000 after buying an additional 472,365 shares during the period. Motley Fool Asset Management LLC lifted its position in shares of Corning by 10.5% during the 2nd quarter. Motley Fool Asset Management LLC now owns 44,037 shares of the electronics maker’s stock valued at $2,316,000 after buying an additional 4,183 shares in the last quarter. Finally, Jefferies Financial Group Inc. grew its stake in shares of Corning by 33.2% during the 2nd quarter. Jefferies Financial Group Inc. now owns 180,606 shares of the electronics maker’s stock valued at $9,498,000 after acquiring an additional 44,994 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on GLW shares. UBS Group reiterated a “buy” rating and issued a $109.00 price target (up from $100.00) on shares of Corning in a research report on Friday, November 21st. Oppenheimer set a $100.00 price target on Corning and gave the stock an “outperform” rating in a research note on Wednesday, October 29th. Citigroup boosted their target price on shares of Corning from $99.00 to $102.00 and gave the stock a “buy” rating in a report on Monday, January 12th. Zacks Research cut shares of Corning from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 21st. Finally, Argus lifted their target price on Corning from $68.00 to $110.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $93.36.

Corning Price Performance

Shares of GLW stock opened at $95.06 on Tuesday. The stock has a 50 day moving average price of $87.91 and a 200 day moving average price of $78.88. Corning Incorporated has a 52-week low of $37.31 and a 52-week high of $96.64. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.00 and a current ratio of 1.56. The firm has a market capitalization of $81.50 billion, a P/E ratio of 60.16, a P/E/G ratio of 1.64 and a beta of 1.13.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 28th. The electronics maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.01. The company had revenue of $4.10 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Corning had a return on equity of 18.12% and a net margin of 9.16%.Corning’s revenue was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.54 earnings per share. As a group, sell-side analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Insider Buying and Selling

In other Corning news, SVP Stefan Becker sold 12,100 shares of the business’s stock in a transaction dated Wednesday, October 29th. The shares were sold at an average price of $91.28, for a total value of $1,104,488.00. Following the completion of the transaction, the senior vice president directly owned 5,049 shares in the company, valued at approximately $460,872.72. The trade was a 70.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Edward A. Schlesinger sold 20,893 shares of the firm’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $91.25, for a total transaction of $1,906,486.25. Following the completion of the sale, the chief financial officer owned 66,959 shares in the company, valued at $6,110,008.75. This represents a 23.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 156,135 shares of company stock worth $14,088,769 over the last ninety days. 0.32% of the stock is currently owned by company insiders.

About Corning

Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.

Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.