Corning Incorporated (NYSE:GLW) Stock Position Decreased by Old Port Advisors

Old Port Advisors reduced its stake in Corning Incorporated (NYSE:GLW) by 2.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 91,459 shares of the electronics maker’s stock after selling 1,871 shares during the period. Corning accounts for about 1.2% of Old Port Advisors’ investment portfolio, making the stock its 16th biggest holding. Old Port Advisors’ holdings in Corning were worth $4,346,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Franklin Resources Inc. boosted its position in Corning by 48.4% during the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock worth $8,975,000 after acquiring an additional 62,514 shares during the period. FMR LLC grew its position in Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after buying an additional 1,285,836 shares in the last quarter. MBB Public Markets I LLC increased its stake in Corning by 806.7% during the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after buying an additional 57,800 shares during the period. Transamerica Financial Advisors Inc. raised its position in shares of Corning by 529.6% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 16,533 shares of the electronics maker’s stock worth $747,000 after buying an additional 13,907 shares in the last quarter. Finally, Dark Forest Capital Management LP acquired a new stake in shares of Corning in the 2nd quarter worth approximately $511,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently commented on GLW. UBS Group raised their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Susquehanna boosted their price objective on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Oppenheimer reiterated an “outperform” rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Finally, Bank of America raised their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.77.

Corning Stock Down 1.3 %

Shares of NYSE GLW traded down $0.60 during mid-day trading on Thursday, reaching $46.92. The company had a trading volume of 823,728 shares, compared to its average volume of 5,478,839. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The company has a market capitalization of $40.17 billion, a price-to-earnings ratio of 276.00, a PEG ratio of 1.54 and a beta of 1.03. The stock has a fifty day moving average of $47.92 and a two-hundred day moving average of $44.36. Corning Incorporated has a 12-month low of $29.71 and a 12-month high of $51.03.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the firm earned $0.45 EPS. The company’s revenue was up 6.9% compared to the same quarter last year. As a group, equities research analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. This represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. Insiders own 0.45% of the company’s stock.

About Corning

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.