Corning Incorporated (NYSE:GLW) Position Lifted by Trust Co. of Vermont

Trust Co. of Vermont raised its stake in Corning Incorporated (NYSE:GLW) by 70.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 9,215 shares of the electronics maker’s stock after purchasing an additional 3,800 shares during the period. Trust Co. of Vermont’s holdings in Corning were worth $438,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. West Oak Capital LLC increased its holdings in Corning by 0.4% in the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after buying an additional 215 shares during the last quarter. Lake Street Advisors Group LLC grew its position in shares of Corning by 4.5% in the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after acquiring an additional 232 shares in the last quarter. SteelPeak Wealth LLC increased its holdings in shares of Corning by 3.3% in the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after acquiring an additional 239 shares during the last quarter. Brown Lisle Cummings Inc. raised its position in shares of Corning by 1.5% during the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after acquiring an additional 250 shares in the last quarter. Finally, Allworth Financial LP boosted its holdings in Corning by 1.3% in the third quarter. Allworth Financial LP now owns 19,361 shares of the electronics maker’s stock worth $874,000 after purchasing an additional 251 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Up 1.2 %

GLW stock opened at $49.83 on Friday. The firm’s 50-day moving average is $47.96 and its two-hundred day moving average is $45.03. The company has a market capitalization of $42.66 billion, a price-to-earnings ratio of 293.12, a price-to-earnings-growth ratio of 1.28 and a beta of 1.04. Corning Incorporated has a 52 week low of $29.82 and a 52 week high of $51.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping 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 the consensus estimate of $3.72 billion. During the same period in the prior year, the firm posted $0.45 earnings per share. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Oppenheimer reissued an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Barclays boosted their price objective on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Finally, Morgan Stanley increased their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and an average price target of $50.77.

Insider Buying and Selling

In related 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 transaction of $435,722.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s 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 $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.45% of the stock is owned by corporate insiders.

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.