Corning Incorporated (NYSE:GLW) Stock Position Reduced by Forsta AP Fonden

Forsta AP Fonden decreased its stake in Corning Incorporated (NYSE:GLW) by 1.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 166,400 shares of the electronics maker’s stock after selling 2,900 shares during the quarter. Forsta AP Fonden’s holdings in Corning were worth $7,907,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of GLW. R Squared Ltd purchased a new stake in shares of Corning during the fourth quarter worth $77,000. Stonegate Investment Group LLC acquired a new position in Corning in the 4th quarter worth about $208,000. Perigon Wealth Management LLC raised its stake in shares of Corning by 49.8% during the 4th quarter. Perigon Wealth Management LLC now owns 16,813 shares of the electronics maker’s stock worth $828,000 after purchasing an additional 5,589 shares in the last quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO purchased a new stake in shares of Corning during the 4th quarter worth about $1,016,000. Finally, Buffington Mohr McNeal lifted its holdings in shares of Corning by 2.1% during the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock valued at $497,000 after buying an additional 220 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

Shares of NYSE GLW opened at $49.93 on Friday. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33. The firm has a market capitalization of $42.75 billion, a price-to-earnings ratio of 293.68, a PEG ratio of 1.46 and a beta of 1.04. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The business has a fifty day simple moving average of $48.67 and a 200 day simple moving average of $45.60.

Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. Sell-side analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Insider Buying and Selling

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, 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 equities analysts recently weighed in on the stock. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Barclays reduced their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday. Citigroup increased their target price on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Oppenheimer reiterated an “outperform” rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, 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. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $53.00.

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.