Avanza Fonder AB Acquires New Holdings in Corning Incorporated (NYSE:GLW)

Avanza Fonder AB bought a new position in shares of Corning Incorporated (NYSE:GLW) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 82,089 shares of the electronics maker’s stock, valued at approximately $3,901,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. City Holding Co. boosted its holdings in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after buying an additional 600 shares during the period. Rosenberg Matthew Hamilton lifted its position in Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after acquiring an additional 500 shares during the last quarter. Cassady Schiller Wealth Management LLC bought a new stake in Corning during the third quarter valued at about $39,000. RPg Family Wealth Advisory LLC acquired a new stake in shares of Corning in the third quarter valued at about $40,000. Finally, Global Trust Asset Management LLC increased its stake in shares of Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft increased their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Bank of America increased their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Barclays boosted their target price 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. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Finally, Oppenheimer restated an “outperform” rating and set a $58.00 price objective (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. 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 currently has an average rating of “Moderate Buy” and a consensus price target of $50.77.

Corning Stock Up 1.2 %

NYSE GLW opened at $49.83 on Friday. Corning Incorporated has a 1-year low of $29.82 and a 1-year high of $51.03. The company has a market capitalization of $42.66 billion, a price-to-earnings ratio of 293.12, a PEG ratio of 1.28 and a beta of 1.04. The stock’s 50 day moving average is $47.96 and its two-hundred day moving average is $44.99. 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 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the firm earned $0.45 EPS. Corning’s quarterly revenue was up 6.9% on a year-over-year basis. Equities analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Insider Transactions at Corning

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the 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 sale, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.45% of the stock is owned by insiders.

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.