Ballentine Partners LLC Grows Stake in Corning Incorporated (NYSE:GLW)

Ballentine Partners LLC grew its holdings in Corning Incorporated (NYSE:GLW) by 2.1% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 26,593 shares of the electronics maker’s stock after acquiring an additional 552 shares during the period. Ballentine Partners LLC’s holdings in Corning were worth $1,264,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. City Holding Co. lifted its holdings in Corning by 545.5% in 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 holdings in Corning by 202.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after buying an additional 500 shares during the period. Cassady Schiller Wealth Management LLC purchased a new position in shares of Corning in the 3rd quarter valued at approximately $39,000. RPg Family Wealth Advisory LLC purchased a new position in shares of Corning in the 3rd quarter valued at approximately $40,000. Finally, Global Trust Asset Management LLC lifted its stake in shares of Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 900 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on GLW shares. Barclays raised their target price on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Morgan Stanley raised their target price on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. UBS Group raised their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. raised their price objective on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.31.

Corning Stock Up 3.5 %

Corning stock opened at $51.58 on Wednesday. The firm has a market cap of $44.17 billion, a price-to-earnings ratio of 303.43, a PEG ratio of 1.35 and a beta of 1.04. The stock has a fifty day simple moving average of $47.98 and a two-hundred day simple moving average of $45.16. Corning Incorporated has a 12 month low of $30.30 and a 12 month high of $52.03. 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 (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping 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 company had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the company posted $0.45 earnings per share. Corning’s revenue was up 6.9% compared to the same quarter last year. Equities analysts predict that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning 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 disclosure for this sale can be found here. 0.45% of the stock is currently owned by corporate 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.