Cornell Pochily Investment Advisors Inc. cut its position in Corning Incorporated (NYSE:GLW – Free Report) by 1.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,737 shares of the electronics maker’s stock after selling 204 shares during the quarter. Cornell Pochily Investment Advisors Inc.’s holdings in Corning were worth $558,000 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. Pacer Advisors Inc. lifted its holdings in Corning by 4.1% during the fourth quarter. Pacer Advisors Inc. now owns 75,905 shares of the electronics maker’s stock valued at $3,607,000 after purchasing an additional 2,964 shares during the last quarter. Webster Bank N. A. raised its position in shares of Corning by 1.6% in the fourth quarter. Webster Bank N. A. now owns 25,554 shares of the electronics maker’s stock valued at $1,214,000 after purchasing an additional 400 shares during the period. Union Bancaire Privee UBP SA purchased a new stake in shares of Corning during the 4th quarter valued at approximately $40,000. Blue Trust Inc. boosted its holdings in Corning by 12.9% in the 4th quarter. Blue Trust Inc. now owns 23,201 shares of the electronics maker’s stock worth $1,048,000 after buying an additional 2,646 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in Corning by 3.9% in the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 48,986 shares of the electronics maker’s stock valued at $2,328,000 after buying an additional 1,830 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.
Insider Activity
In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’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 sale was disclosed in a legal filing with the SEC, which is accessible 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 transaction of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.
Corning Price Performance
Corning (NYSE:GLW – Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $3.72 billion. During the same period last year, the firm posted $0.45 earnings per share. The business’s revenue was up 6.9% compared to the same quarter last year. Equities analysts predict that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
A number of equities analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft raised their price target on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Barclays lifted their target price on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Citigroup raised their price objective on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Morgan Stanley upped their target price on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Finally, JPMorgan Chase & Co. raised their price target on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.31.
Check Out Our Latest Research Report on GLW
Corning 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.
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