Flagship Harbor Advisors LLC Grows Stake in Corning Incorporated (NYSE:GLW)

Flagship Harbor Advisors LLC raised its stake in shares of Corning Incorporated (NYSE:GLW) by 18.2% during the fourth quarter, HoldingsChannel reports. The firm owned 8,456 shares of the electronics maker’s stock after buying an additional 1,302 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Corning were worth $402,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. West Oak Capital LLC increased its position in Corning by 0.4% during the 3rd 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 in the last quarter. Sound Income Strategies LLC grew its stake in shares of Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after acquiring an additional 227 shares during the last quarter. Lake Street Advisors Group LLC increased its holdings in shares of Corning by 4.5% during the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after acquiring an additional 232 shares in the last quarter. Goelzer Investment Management Inc. raised its position in shares of Corning by 0.4% in the 4th quarter. Goelzer Investment Management Inc. now owns 65,816 shares of the electronics maker’s stock valued at $3,128,000 after purchasing an additional 236 shares during the last quarter. Finally, Grove Bank & Trust boosted its stake in Corning by 14.6% in 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 in the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Stock Up 3.5 %

GLW stock opened at $51.27 on Wednesday. The firm’s fifty day moving average is $48.54 and its 200 day moving average is $45.53. The firm has a market cap of $43.90 billion, a PE ratio of 301.58, a P/E/G ratio of 1.46 and a beta of 1.04. Corning Incorporated has a one year low of $30.72 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.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $3.72 billion. During the same quarter in the previous year, the business earned $0.45 EPS. Corning’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, research analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the subject of a number of research analyst reports. JPMorgan Chase & Co. raised their price target on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Morgan Stanley raised their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Oppenheimer reiterated 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. UBS Group lifted their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Finally, StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.31.

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.