Union Bancaire Privee UBP SA Purchases New Holdings in Corning Incorporated (NYSE:GLW)

Union Bancaire Privee UBP SA bought a new stake in Corning Incorporated (NYSE:GLW) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 837 shares of the electronics maker’s stock, valued at approximately $40,000.

Several other large investors have also modified their holdings of the stock. Northstar Advisory Group LLC lifted its stake in shares of Corning by 258.4% in the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock worth $5,883,000 after acquiring an additional 89,268 shares during the period. Franklin Resources Inc. lifted its position in Corning by 48.4% in the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock valued at $8,975,000 after purchasing an additional 62,514 shares during the period. FMR LLC increased its position in 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 purchasing an additional 1,285,836 shares during the period. Fifth Third Bancorp lifted its holdings in shares of Corning by 16.8% in the 4th quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock valued at $5,296,000 after buying an additional 16,001 shares during the period. Finally, First Financial Bank Trust Division boosted its stake in shares of Corning by 27.5% in the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock valued at $6,565,000 after buying an additional 29,790 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Down 2.5 %

Shares of GLW stock opened at $49.97 on Thursday. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The company has a market capitalization of $42.78 billion, a price-to-earnings ratio of 293.93, a PEG ratio of 1.46 and a beta of 1.04. The firm has a 50-day moving average price of $48.62 and a 200 day moving average price of $45.57. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

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 1.24% and a return on equity of 13.45%. Research analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have commented on GLW shares. UBS Group raised their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Oppenheimer reissued an “outperform” rating and set a $58.00 price objective (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Barclays dropped their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday. Morgan Stanley boosted their price target 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, Deutsche Bank Aktiengesellschaft lifted their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $51.23.

Insider Activity

In other Corning 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 completion of the sale, the senior vice president now owns 6,700 shares in the company, valued at $324,213. The trade was a 42.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction dated Monday, November 25th. The stock was 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. Company insiders own 0.40% of the company’s stock.

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.