Bard Financial Services Inc. Increases Stock Holdings in Corning Incorporated (NYSE:GLW)

Bard Financial Services Inc. boosted its stake in Corning Incorporated (NYSE:GLW) by 16.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 42,125 shares of the electronics maker’s stock after acquiring an additional 6,000 shares during the quarter. Bard Financial Services Inc.’s holdings in Corning were worth $2,002,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GLW. Wellington Management Group LLP lifted its stake in shares of Corning by 0.3% in the third quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock worth $1,771,029,000 after acquiring an additional 133,214 shares in the last quarter. State Street Corp raised its position in shares of Corning by 3.8% in the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after purchasing an additional 1,242,718 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Corning by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock valued at $401,826,000 after buying an additional 426,864 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Corning by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock worth $219,116,000 after buying an additional 38,168 shares in the last quarter. Finally, FMR LLC increased its stake in shares of Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after buying an additional 1,285,836 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity at Corning

In other Corning 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 transaction 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 trade represents a 42.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’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. Company insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Oppenheimer reissued an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Barclays boosted their price objective on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. UBS Group boosted their price target on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. raised their price objective on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $50.77.

Corning Stock Performance

NYSE GLW traded up $0.86 on Monday, hitting $48.36. The stock had a trading volume of 1,663,693 shares, compared to its average volume of 3,283,726. The company’s 50-day moving average is $47.94 and its two-hundred day moving average is $44.46. Corning Incorporated has a one year low of $29.71 and a one year high of $51.03. The stock has a market cap of $41.41 billion, a price-to-earnings ratio of 284.47, a P/E/G ratio of 1.54 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 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period last year, the firm earned $0.45 EPS. The firm’s revenue was up 6.9% compared to the same quarter last year. On average, analysts expect that Corning Incorporated will post 1.95 earnings per share for the current year.

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.