Crews Bank & Trust Purchases Shares of 22,622 Corning Incorporated (NYSE:GLW)

Crews Bank & Trust acquired a new stake in Corning Incorporated (NYSE:GLWFree Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 22,622 shares of the electronics maker’s stock, valued at approximately $1,075,000.

Several other hedge funds and other institutional investors have also modified their holdings of GLW. Wellington Management Group LLP grew its position in Corning by 0.3% in the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock worth $1,771,029,000 after purchasing an additional 133,214 shares during the last quarter. State Street Corp boosted its stake in Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after buying an additional 1,242,718 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Corning by 0.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock valued at $219,116,000 after buying an additional 38,168 shares during the period. FMR LLC raised its stake in shares of Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after buying an additional 1,285,836 shares in the last quarter. Finally, Stifel Financial Corp lifted its holdings in shares of Corning by 1.9% during the 3rd quarter. Stifel Financial Corp now owns 2,810,435 shares of the electronics maker’s stock worth $126,893,000 after acquiring an additional 52,667 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

Shares of NYSE GLW opened at $49.50 on Thursday. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33. 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 market cap of $42.38 billion, a price-to-earnings ratio of 296.24, a P/E/G ratio of 1.46 and a beta of 1.04. The stock’s fifty day moving average price is $48.62 and its two-hundred day moving average price is $45.57.

Corning (NYSE:GLWGet Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. On average, equities analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.

Wall Street Analyst Weigh In

GLW has been the subject of several recent research reports. Barclays dropped their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday. Morgan Stanley increased their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. UBS Group upped their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. HSBC raised Corning from a “hold” rating to a “buy” rating and upped their price target for the company from $51.00 to $60.00 in a research note on Thursday. Finally, Oppenheimer reiterated an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Get Our Latest Report on Corning

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, 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 transaction of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares of the company’s stock, 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. 0.40% of the stock is currently owned by company insiders.

Corning Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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