Monte Financial Group LLC Sells 2,086 Shares of Corning Incorporated (NYSE:GLW)

Monte Financial Group LLC cut its stake in shares of Corning Incorporated (NYSE:GLW) by 1.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 139,435 shares of the electronics maker’s stock after selling 2,086 shares during the quarter. Corning makes up approximately 2.8% of Monte Financial Group LLC’s portfolio, making the stock its 7th biggest position. Monte Financial Group LLC’s holdings in Corning were worth $6,626,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in GLW. Wellington Management Group LLP grew its holdings in Corning by 0.3% during the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock worth $1,771,029,000 after acquiring an additional 133,214 shares in the last quarter. State Street Corp boosted its position in shares of Corning by 3.8% during the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after acquiring an additional 1,242,718 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Corning by 0.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock valued at $219,116,000 after acquiring an additional 38,168 shares during the last quarter. FMR LLC raised its position in shares of Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after acquiring an additional 1,285,836 shares in the last quarter. Finally, Stifel Financial Corp lifted its stake in Corning by 1.9% during the third quarter. Stifel Financial Corp now owns 2,810,435 shares of the electronics maker’s stock worth $126,893,000 after purchasing an additional 52,667 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction dated 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 document filed with the SEC, which is available through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the 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. This trade represents 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

GLW has been the topic of a number of research analyst reports. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Citigroup boosted their price target on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday. Morgan Stanley raised their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Oppenheimer reissued an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Finally, Barclays raised their price target on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus price target of $51.31.

Corning Stock Up 0.5 %

GLW stock opened at $54.22 on Friday. Corning Incorporated has a one year low of $30.51 and a one year high of $54.53. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The company has a fifty day moving average of $48.47 and a 200-day moving average of $45.48. The stock has a market capitalization of $46.43 billion, a PE ratio of 318.96, a price-to-earnings-growth ratio of 1.46 and a beta of 1.04.

Corning (NYSE:GLW) last announced 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. The company 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 revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.45 EPS. As a group, analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

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.