Bard Financial Services Inc. Increases Stake in Corning Incorporated (NYSE:GLW)

Bard Financial Services Inc. grew its position in Corning Incorporated (NYSE:GLW) by 16.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 42,125 shares of the electronics maker’s stock after acquiring an additional 6,000 shares during the period. Bard Financial Services Inc.’s holdings in Corning were worth $2,002,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. TD Asset Management Inc lifted its holdings in shares of Corning by 124.0% in the 2nd quarter. TD Asset Management Inc now owns 610,344 shares of the electronics maker’s stock valued at $23,712,000 after buying an additional 337,821 shares during the period. Arizona State Retirement System boosted its position in shares of Corning by 1.1% during the 2nd quarter. Arizona State Retirement System now owns 235,056 shares of the electronics maker’s stock worth $9,132,000 after purchasing an additional 2,464 shares in the last quarter. Private Advisor Group LLC lifted its stake in shares of Corning by 13.0% in the second quarter. Private Advisor Group LLC now owns 115,199 shares of the electronics maker’s stock valued at $4,476,000 after purchasing an additional 13,239 shares during the period. Candriam S.C.A. boosted its holdings in Corning by 16.7% during the second quarter. Candriam S.C.A. now owns 52,110 shares of the electronics maker’s stock worth $2,024,000 after buying an additional 7,450 shares in the last quarter. Finally, Wakefield Asset Management LLLP acquired a new position in Corning during the second quarter worth about $519,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Corning news, 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $241,950.00. Following the completion of 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. 0.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

GLW has been the topic of several research analyst reports. Oppenheimer reissued an “outperform” rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft boosted their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. UBS Group lifted their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Susquehanna increased their price objective on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. Finally, JPMorgan Chase & Co. lifted their target price 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 equities research 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.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.77.

Corning Trading Up 1.8 %

Shares of GLW stock traded up $0.86 during mid-day trading on Monday, hitting $48.36. 1,663,693 shares of the company’s stock were exchanged, compared to its average volume of 3,283,726. The stock has a market cap of $41.41 billion, a price-to-earnings ratio of 284.47, a PEG ratio of 1.54 and a beta of 1.04. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Corning Incorporated has a fifty-two week low of $29.71 and a fifty-two week high of $51.03. The stock has a 50-day simple moving average of $47.94 and a two-hundred day simple moving average of $44.46.

Corning (NYSE:GLW) last issued its quarterly 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. The firm had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period last year, the company earned $0.45 EPS. Equities analysts expect that Corning Incorporated will post 1.95 EPS for the current fiscal year.

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.