Simon Quick Advisors LLC Increases Stock Position in Corning Incorporated (NYSE:GLW)

Simon Quick Advisors LLC lifted its holdings in shares of Corning Incorporated (NYSE:GLW) by 34.2% in the fourth quarter, HoldingsChannel reports. The firm owned 6,113 shares of the electronics maker’s stock after acquiring an additional 1,558 shares during the period. Simon Quick Advisors LLC’s holdings in Corning were worth $290,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the stock. City Holding Co. increased its position in Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after buying an additional 600 shares in the last quarter. Rosenberg Matthew Hamilton boosted its stake in shares of Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after acquiring an additional 500 shares during the last quarter. Cassady Schiller Wealth Management LLC purchased a new stake in Corning during the 3rd quarter worth about $39,000. RPg Family Wealth Advisory LLC acquired a new position in Corning in the 3rd quarter valued at about $40,000. Finally, Global Trust Asset Management LLC lifted its holdings in Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 900 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related 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 SEC, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have 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. Morgan Stanley increased their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. UBS Group lifted their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Barclays increased their target price on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. lifted their price target on 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 given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $51.31.

Corning Trading Down 0.1 %

Shares of GLW stock opened at $53.96 on Friday. Corning Incorporated has a fifty-two week low of $30.31 and a fifty-two week high of $54.53. The firm’s 50 day moving average price is $48.18 and its two-hundred day moving average price is $45.36. The stock has a market cap of $46.20 billion, a price-to-earnings ratio of 317.40, a price-to-earnings-growth ratio of 1.39 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 (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.45 EPS. On average, analysts anticipate that Corning Incorporated will post 1.95 EPS for the current year.

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.