Sicart Associates LLC Trims Holdings in Corning Incorporated (NYSE:GLW)

Sicart Associates LLC reduced its holdings in shares of Corning Incorporated (NYSE:GLW) by 3.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 118,839 shares of the electronics maker’s stock after selling 4,580 shares during the quarter. Corning accounts for about 2.0% of Sicart Associates LLC’s investment portfolio, making the stock its 23rd largest holding. Sicart Associates LLC’s holdings in Corning were worth $5,647,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in GLW. FMR LLC increased its position in Corning by 52.8% during the third 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 last quarter. State Street Corp boosted its stake in Corning by 3.8% in 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 last quarter. Los Angeles Capital Management LLC boosted its position in shares of Corning by 215.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after purchasing an additional 1,145,955 shares in the last quarter. Pathway Financial Advisers LLC lifted its position in 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, Shellback Capital LP acquired a new stake in Corning in the 2nd quarter valued at $34,483,000. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Performance

Corning stock opened at $49.24 on Friday. The company’s 50-day moving average price is $47.92 and its 200-day moving average price is $44.92. Corning Incorporated has a twelve month low of $29.71 and a twelve month high of $51.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The company has a market cap of $42.16 billion, a PE ratio of 289.64, a price-to-earnings-growth ratio of 1.28 and a beta of 1.04.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the company earned $0.45 EPS. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. On average, equities research analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Insider Buying and Selling

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction 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 filing with the SEC, which can be accessed through the SEC website. Also, 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 in the company, valued at $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 currently owned by company insiders.

Wall Street Analyst Weigh In

GLW has been the subject of several recent research reports. Oppenheimer restated an “outperform” rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. JPMorgan Chase & Co. raised their price objective on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Morgan Stanley lifted their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. UBS Group lifted their price target on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Finally, Barclays boosted their target price on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $50.77.

Corning Company 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.