CX Institutional Acquires 284 Shares of Corning Incorporated (NYSE:GLW)

CX Institutional grew its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 21,860 shares of the electronics maker’s stock after buying an additional 284 shares during the period. CX Institutional’s holdings in Corning were worth $1,039,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of GLW. Public Sector Pension Investment Board lifted its holdings in shares of Corning by 111.5% in the 2nd quarter. Public Sector Pension Investment Board now owns 24,424 shares of the electronics maker’s stock worth $949,000 after purchasing an additional 12,875 shares in the last quarter. Dark Forest Capital Management LP bought a new position in shares of Corning in the 2nd quarter worth $511,000. MBB Public Markets I LLC lifted its holdings in shares of Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after purchasing an additional 57,800 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Corning by 117.1% in the 2nd quarter. Millennium Management LLC now owns 926,249 shares of the electronics maker’s stock worth $35,985,000 after purchasing an additional 499,595 shares in the last quarter. Finally, Creative Planning lifted its holdings in shares of Corning by 37.8% in the 2nd quarter. Creative Planning now owns 247,305 shares of the electronics maker’s stock worth $9,608,000 after purchasing an additional 67,856 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on GLW. UBS Group raised their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. raised their price objective on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Morgan Stanley raised 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. Citigroup raised their price objective on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $51.31.

Insider Activity

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 value of $435,722.84. 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 5,000 shares of the business’s stock in a transaction that occurred 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 owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Corning Trading Up 0.5 %

Shares of GLW opened at $54.22 on Friday. The business has a 50-day moving average of $48.47 and a 200 day moving average of $45.48. Corning Incorporated has a fifty-two week low of $30.51 and a fifty-two week high of $54.53. The firm has a market cap of $46.43 billion, a P/E 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 posted its 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. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.45 EPS. As a group, research analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.

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.