tru Independence LLC Has $6.68 Million Stock Position in Corning Incorporated (NYSE:GLW)

tru Independence LLC lowered its position in Corning Incorporated (NYSE:GLW) by 6.6% during the 4th quarter, Holdings Channel reports. The fund owned 140,597 shares of the electronics maker’s stock after selling 9,922 shares during the period. Corning makes up 2.1% of tru Independence LLC’s portfolio, making the stock its 13th largest holding. tru Independence LLC’s holdings in Corning were worth $6,681,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Sound Income Strategies LLC increased its holdings in Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after buying an additional 227 shares during the last quarter. City Holding Co. increased 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 acquiring an additional 600 shares during the last quarter. Rosenberg Matthew Hamilton raised its stake in Corning by 202.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after acquiring an additional 500 shares during the period. Cassady Schiller Wealth Management LLC purchased a new stake in Corning during the third quarter valued at about $39,000. Finally, RPg Family Wealth Advisory LLC bought a new position in Corning during the third quarter worth about $40,000. 69.80% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction 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 completion of the sale, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 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. 0.40% of the stock is owned by company insiders.

Corning Trading Down 6.0 %

Shares of NYSE GLW opened at $50.99 on Monday. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $54.53. 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 firm has a 50-day moving average of $48.47 and a 200 day moving average of $45.50. The stock has a market cap of $43.66 billion, a P/E ratio of 300.02, a price-to-earnings-growth ratio of 1.46 and a beta of 1.04.

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

Wall Street Analyst Weigh In

Several brokerages recently commented on GLW. Citigroup boosted their price objective on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. UBS Group boosted their price target on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Oppenheimer reiterated an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $51.31.

About Corning

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.