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

Yousif Capital Management LLC trimmed its stake in shares of Corning Incorporated (NYSE:GLW) by 2.0% during the 4th quarter, Holdings Channel reports. The fund owned 98,858 shares of the electronics maker’s stock after selling 1,978 shares during the quarter. Yousif Capital Management LLC’s holdings in Corning were worth $4,698,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of GLW. Northstar Advisory Group LLC grew its stake in shares of Corning by 258.4% during the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock worth $5,883,000 after purchasing an additional 89,268 shares during the period. Franklin Resources Inc. boosted its holdings in Corning by 48.4% during the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock worth $8,975,000 after buying an additional 62,514 shares in the last quarter. FMR LLC grew its position in Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after buying an additional 1,285,836 shares during the period. Fifth Third Bancorp increased its holdings in Corning by 16.8% in the fourth 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 in the last quarter. Finally, First Financial Bank Trust Division raised its position 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 worth $6,565,000 after acquiring an additional 29,790 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on GLW. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Citigroup raised their price objective on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price target on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Finally, Barclays reduced their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Insider Buying and Selling at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’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 of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’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. Insiders sold a total of 46,085 shares of company stock worth $2,345,436 in the last three months. 0.45% of the stock is owned by corporate insiders.

Corning Stock Performance

GLW opened at $52.99 on Friday. The firm has a market capitalization of $45.37 billion, a PE ratio of 91.36, a PEG ratio of 1.51 and a beta of 1.03. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The firm’s 50-day moving average price is $49.13 and its 200 day moving average price is $45.88.

Corning (NYSE:GLW) last issued its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. As a group, sell-side analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

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.