Corning Incorporated (NYSE:GLW) Shares Bought by Buffington Mohr McNeal

Buffington Mohr McNeal raised its position in shares of Corning Incorporated (NYSE:GLW) by 2.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,461 shares of the electronics maker’s stock after acquiring an additional 220 shares during the quarter. Buffington Mohr McNeal’s holdings in Corning were worth $497,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in GLW. West Oak Capital LLC raised its stake in Corning by 0.4% in the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after purchasing an additional 215 shares during the last quarter. Sound Income Strategies LLC raised its position in shares of Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after buying an additional 227 shares during the last quarter. Lake Street Advisors Group LLC boosted its position in Corning by 4.5% during the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after acquiring an additional 232 shares during the last quarter. Goelzer Investment Management Inc. grew its stake in Corning by 0.4% during the 4th quarter. Goelzer Investment Management Inc. now owns 65,816 shares of the electronics maker’s stock valued at $3,128,000 after acquiring an additional 236 shares in the last quarter. Finally, Grove Bank & Trust raised its holdings in Corning by 14.6% in the 4th quarter. Grove Bank & Trust now owns 1,858 shares of the electronics maker’s stock valued at $88,000 after acquiring an additional 237 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Down 8.7 %

Shares of NYSE GLW opened at $49.53 on Tuesday. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $54.53. The company has a market capitalization of $42.40 billion, a price-to-earnings ratio of 291.32, a price-to-earnings-growth ratio of 1.46 and a beta of 1.04. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The business has a 50-day moving average of $48.47 and a two-hundred day moving average of $45.50.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the prior year, the company posted $0.45 earnings per share. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently commented on GLW shares. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Oppenheimer restated an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Citigroup boosted their price objective on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Finally, UBS Group increased their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $51.31.

Insider Buying and Selling

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’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 legal filing with the Securities & Exchange Commission, which is available at 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 transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, 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. Corporate insiders own 0.40% of the company’s stock.

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.