Corning Incorporated (NYSE:GLW) Shares Acquired by Fifth Third Bancorp

Fifth Third Bancorp lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 16.8% during the fourth quarter, Holdings Channel reports. The firm owned 111,448 shares of the electronics maker’s stock after purchasing an additional 16,001 shares during the quarter. Fifth Third Bancorp’s holdings in Corning were worth $5,296,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of GLW. FMR LLC raised its holdings in Corning by 52.8% during the 3rd 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 period. State Street Corp raised its holdings in shares of Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after acquiring an additional 1,242,718 shares during the period. Los Angeles Capital Management LLC lifted its position in shares of Corning by 215.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock valued at $75,740,000 after acquiring an additional 1,145,955 shares in the last quarter. Pathway Financial Advisers LLC lifted its position in shares of Corning by 4,306.9% in the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock valued at $47,428,000 after acquiring an additional 1,026,626 shares in the last quarter. Finally, Conning Inc. boosted its stake in Corning by 14,556.8% in the 3rd quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock worth $39,778,000 after purchasing an additional 875,008 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 related news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction on 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. Corporate insiders own 0.40% of the company’s stock.

Corning Stock Up 0.5 %

Corning stock opened at $54.22 on Monday. The company has a market capitalization of $46.43 billion, a P/E ratio of 318.96, a P/E/G ratio of 1.46 and a beta of 1.04. Corning Incorporated has a 1-year low of $30.51 and a 1-year high of $54.53. The firm’s fifty day simple moving average is $48.47 and its 200-day simple moving average is $45.50. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The company 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%. The business’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 earnings per share. Sell-side analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on GLW. Oppenheimer restated an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft increased their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. lifted their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Barclays increased their price target on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Finally, Morgan Stanley boosted their price objective on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Five investment 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 company presently has an average rating of “Moderate Buy” and a consensus 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.