Corning Incorporated (NYSE:GLW) Shares Sold by Piscataqua Savings Bank

Piscataqua Savings Bank lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 2.5% in the fourth quarter, HoldingsChannel reports. The fund owned 28,135 shares of the electronics maker’s stock after selling 733 shares during the quarter. Corning makes up about 1.1% of Piscataqua Savings Bank’s portfolio, making the stock its 26th largest position. Piscataqua Savings Bank’s holdings in Corning were worth $1,337,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Sound Income Strategies LLC increased its position in Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares during the last quarter. City Holding Co. increased its holdings in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after buying an additional 600 shares during the last quarter. Rosenberg Matthew Hamilton increased its holdings in shares of Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after buying an additional 500 shares during the last quarter. Cassady Schiller Wealth Management LLC acquired a new position in Corning in the third quarter valued at $39,000. Finally, RPg Family Wealth Advisory LLC purchased a new stake in Corning during the third quarter valued at about $40,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Up 0.5 %

Shares of Corning stock opened at $54.22 on Monday. Corning Incorporated has a 1-year low of $30.51 and a 1-year high of $54.53. The company has a market capitalization of $46.43 billion, a PE ratio of 318.96, a P/E/G ratio of 1.46 and a beta of 1.04. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The business has a 50-day moving average of $48.47 and a 200-day moving average of $45.50.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the firm earned $0.45 EPS. Corning’s quarterly revenue was up 6.9% on a year-over-year basis. As a group, equities analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Insider Activity at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction that occurred 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 completion of the transaction, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. This trade represents a 42.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction that occurred on 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. 0.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of research reports. Barclays raised their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Oppenheimer restated an “outperform” rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Morgan Stanley boosted their price objective on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Citigroup raised their target price on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Finally, JPMorgan Chase & Co. upped their price target on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.31.

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.