Corning Incorporated (NYSE:GLW) Shares Sold by Sapient Capital LLC

Sapient Capital LLC lowered its stake in Corning Incorporated (NYSE:GLW) by 27.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 5,378 shares of the electronics maker’s stock after selling 2,000 shares during the quarter. Sapient Capital LLC’s holdings in Corning were worth $256,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Sound Income Strategies LLC lifted its position in shares of Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after acquiring an additional 227 shares in the last quarter. Rosenberg Matthew Hamilton raised its stake in Corning by 202.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 500 shares during the last quarter. Global X Japan Co. Ltd. acquired a new position in Corning in the 4th quarter valued at $40,000. Union Bancaire Privee UBP SA purchased a new position in Corning in the 4th quarter valued at $40,000. Finally, Cassady Schiller Wealth Management LLC acquired a new stake in Corning during the 3rd quarter worth $39,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on GLW. Morgan Stanley increased their target price on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Barclays decreased their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. JPMorgan Chase & Co. boosted their price target on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Finally, Citigroup boosted their price target on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Price Performance

Shares of NYSE:GLW opened at $51.99 on Thursday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The company has a 50-day moving average price of $49.36 and a 200 day moving average price of $46.08. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The company has a market cap of $44.51 billion, a P/E ratio of 89.64, a PEG ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction dated 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 $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s 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. In the last ninety days, insiders have sold 46,085 shares of company stock worth $2,345,436. Corporate insiders own 0.40% of the company’s stock.

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.