Corning Incorporated (NYSE:GLW) Shares Sold by Monte Financial Group LLC

Monte Financial Group LLC reduced its position in shares of Corning Incorporated (NYSE:GLW) by 1.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 139,435 shares of the electronics maker’s stock after selling 2,086 shares during the period. Corning accounts for about 2.8% of Monte Financial Group LLC’s investment portfolio, making the stock its 7th largest position. Monte Financial Group LLC’s holdings in Corning were worth $6,626,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Sound Income Strategies LLC boosted its position in Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after acquiring an additional 227 shares during the last quarter. City Holding Co. boosted its holdings in shares of Corning by 545.5% during 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. Rosenberg Matthew Hamilton grew its position in shares of Corning by 202.4% in the fourth 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 period. Cassady Schiller Wealth Management LLC acquired a new position in Corning in the third quarter valued at $39,000. Finally, RPg Family Wealth Advisory LLC purchased a new position in Corning during the third quarter worth about $40,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insiders Place Their Bets

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction on 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 directly owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have commented on GLW shares. Oppenheimer restated 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. Citigroup boosted their target price on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft increased their price target on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Finally, JPMorgan Chase & Co. increased their target price on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $51.31.

Corning Stock Up 0.5 %

NYSE:GLW opened at $54.22 on Friday. The stock has a 50-day simple moving average of $48.47 and a 200 day simple moving average of $45.48. Corning Incorporated has a one year low of $30.51 and a one year high of $54.53. The company has a market capitalization of $46.43 billion, a price-to-earnings ratio of 318.96, a price-to-earnings-growth ratio of 1.46 and a beta of 1.04. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the previous year, the business earned $0.45 EPS. The business’s quarterly revenue was up 6.9% on a year-over-year basis. Sell-side analysts predict that Corning Incorporated will post 1.95 EPS for the current fiscal 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.