Sanibel Captiva Trust Company Inc. Has $15.23 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Sanibel Captiva Trust Company Inc. reduced its holdings in shares of Corning Incorporated (NYSE:GLW) by 2.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 320,468 shares of the electronics maker’s stock after selling 6,790 shares during the quarter. Sanibel Captiva Trust Company Inc.’s holdings in Corning were worth $15,229,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Edgestream Partners L.P. purchased a new stake in shares of Corning in the second quarter worth approximately $1,683,000. Bradley Foster & Sargent Inc. CT grew its holdings in Corning by 1.9% during the second quarter. Bradley Foster & Sargent Inc. CT now owns 25,054 shares of the electronics maker’s stock worth $973,000 after buying an additional 462 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its position in Corning by 0.8% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 172,668 shares of the electronics maker’s stock valued at $6,708,000 after buying an additional 1,371 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in Corning by 19.4% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 73,631 shares of the electronics maker’s stock valued at $2,859,000 after acquiring an additional 11,958 shares in the last quarter. Finally, Blair William & Co. IL boosted its holdings in Corning by 1.5% during the 2nd quarter. Blair William & Co. IL now owns 223,289 shares of the electronics maker’s stock worth $8,675,000 after acquiring an additional 3,207 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Price Performance

Shares of NYSE:GLW opened at $49.83 on Friday. The company has a 50 day moving average of $47.96 and a 200 day moving average of $44.99. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock has a market cap of $42.66 billion, a P/E ratio of 293.12, a P/E/G ratio of 1.28 and a beta of 1.04. Corning Incorporated has a 12 month low of $29.82 and a 12 month high of $51.03.

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

Analysts Set New Price Targets

A number of research firms recently weighed in on GLW. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. UBS Group boosted their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Morgan Stanley lifted their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Finally, Bank of America upped their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. 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 company currently has a consensus rating of “Moderate Buy” and an average target price of $50.77.

Insider Activity

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

Corning Company Profile

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.