Nisa Investment Advisors LLC Raises Position in Corning Incorporated (NYSE:GLW)

Nisa Investment Advisors LLC boosted its position in shares of Corning Incorporated (NYSE:GLW) by 223.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 856,878 shares of the electronics maker’s stock after buying an additional 592,187 shares during the period. Nisa Investment Advisors LLC owned 0.10% of Corning worth $40,719,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Pacer Advisors Inc. raised its stake in Corning by 24.2% in the 2nd quarter. Pacer Advisors Inc. now owns 71,772 shares of the electronics maker’s stock valued at $2,788,000 after purchasing an additional 14,004 shares during the last quarter. Summit Trail Advisors LLC raised its position in shares of Corning by 60.3% in the second quarter. Summit Trail Advisors LLC now owns 13,160 shares of the electronics maker’s stock valued at $511,000 after buying an additional 4,948 shares during the last quarter. Hancock Whitney Corp acquired a new stake in shares of Corning in the second quarter valued at about $211,000. Profund Advisors LLC lifted its stake in shares of Corning by 7.1% in the second quarter. Profund Advisors LLC now owns 15,593 shares of the electronics maker’s stock worth $606,000 after buying an additional 1,036 shares in the last quarter. Finally, Frank Rimerman Advisors LLC acquired a new position in Corning during the second quarter worth about $484,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Up 3.5 %

NYSE:GLW opened at $51.58 on Wednesday. Corning Incorporated has a 52 week low of $30.30 and a 52 week high of $52.03. The stock’s fifty day moving average is $47.98 and its two-hundred day moving average is $45.16. The stock has a market capitalization of $44.17 billion, a price-to-earnings ratio of 303.43, a price-to-earnings-growth ratio of 1.35 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 posted its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. The firm 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%. Corning’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.45 EPS. Research analysts anticipate that Corning Incorporated will post 1.95 EPS for the current year.

Insider Activity at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction on Monday, November 25th. The shares were 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares in the company, 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. Company insiders own 0.45% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. 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 research note on Tuesday, October 29th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Citigroup upped their target price on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday. 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. Finally, Oppenheimer reissued an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target 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.