Graypoint LLC Cuts Stake in Corning Incorporated (NYSE:GLW)

Graypoint LLC cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 16.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,606 shares of the electronics maker’s stock after selling 2,084 shares during the quarter. Graypoint LLC’s holdings in Corning were worth $504,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in GLW. City Holding Co. lifted its stake in Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the last quarter. Cassady Schiller Wealth Management LLC bought a new stake in shares of Corning in the 3rd quarter valued at about $39,000. RPg Family Wealth Advisory LLC bought a new stake in shares of Corning in the 3rd quarter valued at about $40,000. Global Trust Asset Management LLC grew its position in Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after acquiring an additional 900 shares during the last quarter. Finally, Venturi Wealth Management LLC increased its stake in Corning by 90.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock worth $45,000 after purchasing an additional 473 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Down 1.5 %

Shares of NYSE:GLW opened at $47.02 on Friday. Corning Incorporated has a 12-month low of $29.71 and a 12-month high of $51.03. The stock has a market capitalization of $40.26 billion, a price-to-earnings ratio of 276.59, a PEG ratio of 1.54 and a beta of 1.04. The stock has a fifty day simple moving average of $47.91 and a two-hundred day simple moving average of $44.70. 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 results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (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 analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.45 EPS. On average, research analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on GLW. Morgan Stanley increased their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Oppenheimer reissued an “outperform” rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. UBS Group increased their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Susquehanna boosted their price target on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Finally, Deutsche Bank Aktiengesellschaft increased 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 equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $50.77.

Insider Activity at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the 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 transaction, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction dated 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. 0.40% of the stock is currently owned by insiders.

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.