Corning Incorporated (NYSE:GLW) Shares Sold by Nexus Investment Management ULC

Nexus Investment Management ULC lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 7.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 93,400 shares of the electronics maker’s stock after selling 8,000 shares during the period. Nexus Investment Management ULC’s holdings in Corning were worth $4,438,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GLW. Mercer Global Advisors Inc. ADV lifted its holdings in Corning by 0.8% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 172,668 shares of the electronics maker’s stock valued at $6,708,000 after purchasing an additional 1,371 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its position in shares of Corning by 19.4% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 73,631 shares of the electronics maker’s stock valued at $2,859,000 after buying an additional 11,958 shares during the last quarter. Blair William & Co. IL lifted its stake in shares of Corning by 1.5% during the second quarter. Blair William & Co. IL now owns 223,289 shares of the electronics maker’s stock valued at $8,675,000 after buying an additional 3,207 shares during the period. Benjamin F. Edwards & Company Inc. boosted its position in Corning by 6.8% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 42,040 shares of the electronics maker’s stock worth $1,633,000 after acquiring an additional 2,667 shares during the last quarter. Finally, Pacer Advisors Inc. grew its stake in Corning by 24.2% in the 2nd quarter. Pacer Advisors Inc. now owns 71,772 shares of the electronics maker’s stock worth $2,788,000 after acquiring an additional 14,004 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Oppenheimer reissued 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. Deutsche Bank Aktiengesellschaft increased their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Barclays lifted their price target on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Morgan Stanley increased their price objective on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average price target of $50.77.

Corning Stock Performance

NYSE:GLW opened at $49.83 on Friday. The firm’s fifty day simple moving average is $47.96 and its 200 day simple moving average is $45.03. 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 Incorporated has a twelve month low of $29.82 and a twelve month high of $51.03. The firm 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.

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

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s 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 position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. 0.45% of the stock is owned by corporate insiders.

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.