Corning Incorporated (NYSE:GLW) Shares Acquired by Fifth Third Bancorp

Fifth Third Bancorp increased its position in Corning Incorporated (NYSE:GLW) by 16.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 111,448 shares of the electronics maker’s stock after purchasing an additional 16,001 shares during the quarter. Fifth Third Bancorp’s holdings in Corning were worth $5,296,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. West Oak Capital LLC grew its stake in shares of Corning by 0.4% during the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after acquiring an additional 215 shares in the last quarter. Sound Income Strategies LLC boosted its holdings in Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. Lake Street Advisors Group LLC grew its stake in Corning by 4.5% during the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after purchasing an additional 232 shares in the last quarter. Goelzer Investment Management Inc. increased its holdings in Corning by 0.4% during the 4th quarter. Goelzer Investment Management Inc. now owns 65,816 shares of the electronics maker’s stock worth $3,128,000 after purchasing an additional 236 shares during the last quarter. Finally, Grove Bank & Trust increased its holdings in Corning by 14.6% during the 4th quarter. Grove Bank & Trust now owns 1,858 shares of the electronics maker’s stock worth $88,000 after purchasing an additional 237 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Price Performance

Shares of NYSE GLW opened at $54.22 on Monday. The stock has a market cap of $46.43 billion, a P/E ratio of 318.96, a P/E/G ratio of 1.46 and a beta of 1.04. The firm’s 50-day simple moving average is $48.47 and its 200 day simple moving average is $45.50. Corning Incorporated has a fifty-two week low of $30.51 and a fifty-two week high of $54.53. 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 released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. Corning’s revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.45 EPS. Equities analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. This represents 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 insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on GLW shares. JPMorgan Chase & Co. boosted 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. Oppenheimer reiterated an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Citigroup raised their price target on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Barclays raised their target price on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $51.31.

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.