Corning Incorporated (NYSE:GLW) Shares Sold by Valley National Advisers Inc.

Valley National Advisers Inc. lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 34.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 2,114 shares of the electronics maker’s stock after selling 1,115 shares during the period. Valley National Advisers Inc.’s holdings in Corning were worth $100,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Wellington Management Group LLP raised its position in shares of Corning by 0.3% in the third 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 during the period. State Street Corp grew its stake in Corning by 3.8% during the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $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 third quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock valued at $219,116,000 after purchasing an additional 38,168 shares during the last quarter. FMR LLC raised its holdings 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 during the period. Finally, Stifel Financial Corp raised 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 period. 69.80% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Citigroup upped their price target on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. HSBC upgraded Corning from a “hold” rating to a “buy” rating and increased their price objective for the company from $51.00 to $60.00 in a research note on Thursday. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday. UBS Group increased their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Insider Activity at Corning

In other news, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’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 disclosure for this sale can be found here. Insiders sold a total of 16,085 shares of company stock worth $787,836 over the last 90 days. Company insiders own 0.45% of the company’s stock.

Corning Trading Up 4.2 %

NYSE:GLW opened at $52.11 on Monday. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The stock’s 50 day simple moving average is $48.78 and its 200-day simple moving average is $45.68. The firm has a market cap of $44.61 billion, a P/E ratio of 89.84, a PEG ratio of 1.51 and a beta of 1.03.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Equities analysts anticipate that Corning Incorporated will post 2.33 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.