Corning Incorporated (NYSE:GLW) Holdings Decreased by Parkside Investments LLC

Parkside Investments LLC reduced its holdings in Corning Incorporated (NYSE:GLW) by 1.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 143,495 shares of the electronics maker’s stock after selling 2,510 shares during the period. Parkside Investments LLC’s holdings in Corning were worth $6,819,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Pacer Advisors Inc. lifted its position in shares of Corning by 4.1% in the fourth quarter. Pacer Advisors Inc. now owns 75,905 shares of the electronics maker’s stock worth $3,607,000 after purchasing an additional 2,964 shares in the last quarter. Webster Bank N. A. increased its stake in Corning by 1.6% in the 4th quarter. Webster Bank N. A. now owns 25,554 shares of the electronics maker’s stock valued at $1,214,000 after buying an additional 400 shares during the period. Union Bancaire Privee UBP SA purchased a new stake in Corning in the 4th quarter worth approximately $40,000. Blue Trust Inc. boosted its stake in shares of Corning by 12.9% during the 4th quarter. Blue Trust Inc. now owns 23,201 shares of the electronics maker’s stock valued at $1,048,000 after buying an additional 2,646 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in shares of Corning by 3.9% during the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 48,986 shares of the electronics maker’s stock valued at $2,328,000 after buying an additional 1,830 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s 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 transaction, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Corning Stock Performance

NYSE GLW opened at $54.22 on Monday. The stock has a market cap of $46.43 billion, a P/E ratio of 318.96, a PEG ratio of 1.46 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 Incorporated has a twelve month low of $30.51 and a twelve month high of $54.53. The company’s 50-day simple moving average is $48.47 and its 200 day simple moving average is $45.50.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. Corning’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.45 EPS. As a group, research analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on GLW. Deutsche Bank Aktiengesellschaft increased their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 price target (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Barclays boosted their price target on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. UBS Group raised their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $51.31.

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.