Greenleaf Trust Grows Stake in Corning Incorporated (NYSE:GLW)

Greenleaf Trust grew its stake in shares of Corning Incorporated (NYSE:GLW) by 4.4% during the fourth quarter, HoldingsChannel reports. The firm owned 9,682 shares of the electronics maker’s stock after purchasing an additional 411 shares during the quarter. Greenleaf Trust’s holdings in Corning were worth $460,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Wellington Management Group LLP increased its stake in shares of Corning by 0.3% during the third quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock valued at $1,771,029,000 after purchasing an additional 133,214 shares in the last quarter. State Street Corp raised its position in Corning by 3.8% in the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after buying an additional 1,242,718 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Corning by 0.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock worth $219,116,000 after purchasing an additional 38,168 shares during the last quarter. FMR LLC lifted its holdings in Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after acquiring an additional 1,285,836 shares during the period. Finally, Stifel Financial Corp lifted its stake in shares of Corning by 1.9% in the 3rd quarter. Stifel Financial Corp now owns 2,810,435 shares of the electronics maker’s stock worth $126,893,000 after purchasing an additional 52,667 shares during the period. 69.80% of the stock is owned by institutional investors.

Insider Activity at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares of the company’s stock, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,085 shares of company stock valued at $2,345,436. 0.45% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on GLW shares. Citigroup boosted 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. Oppenheimer reiterated an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. UBS Group raised their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Finally, Barclays cut their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Corning Stock Up 1.4 %

Corning stock opened at $52.08 on Wednesday. The stock has a market cap of $44.59 billion, a PE ratio of 89.79, a P/E/G ratio of 1.51 and a beta of 1.03. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The stock’s fifty day moving average is $48.84 and its two-hundred day moving average is $45.71.

Corning (NYSE:GLW) last posted its quarterly earnings data 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 net margin of 3.86% and a return on equity of 15.10%. On average, sell-side analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

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.