Corning Incorporated (NYSE:GLW) Shares Sold by Cacti Asset Management LLC

Cacti Asset Management LLC lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 0.1% in the fourth quarter, Holdings Channel reports. The institutional investor owned 778,057 shares of the electronics maker’s stock after selling 500 shares during the quarter. Corning accounts for approximately 2.8% of Cacti Asset Management LLC’s portfolio, making the stock its 15th biggest position. Cacti Asset Management LLC’s holdings in Corning were worth $36,833,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. City Holding Co. lifted its stake in Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the last quarter. Cassady Schiller Wealth Management LLC bought a new position in Corning in the third quarter worth about $39,000. RPg Family Wealth Advisory LLC acquired a new position in Corning in the third quarter valued at approximately $40,000. Global Trust Asset Management LLC lifted its holdings in shares of Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares during the last quarter. Finally, Venturi Wealth Management LLC lifted its position in Corning by 90.8% in the third quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock worth $45,000 after purchasing an additional 473 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Price Performance

GLW stock traded down $0.29 during midday trading on Thursday, reaching $47.23. 982,738 shares of the company’s stock traded hands, compared to its average volume of 5,478,839. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The company has a market cap of $40.44 billion, a price-to-earnings ratio of 277.82, a PEG ratio of 1.54 and a beta of 1.03. The company has a 50-day simple moving average of $47.92 and a two-hundred day simple moving average of $44.36. Corning Incorporated has a 1-year low of $29.71 and a 1-year high of $51.03.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 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 firm had revenue of $3.39 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. On average, analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on GLW. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Barclays lifted their target price on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. increased their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Finally, UBS Group raised their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.77.

Insider Buying and Selling at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Corporate 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.