Naples Global Advisors LLC Sells 1,148 Shares of Corning Incorporated (NYSE:GLW)

Naples Global Advisors LLC trimmed its holdings in Corning Incorporated (NYSE:GLW) by 0.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 237,103 shares of the electronics maker’s stock after selling 1,148 shares during the quarter. Corning comprises 1.1% of Naples Global Advisors LLC’s portfolio, making the stock its 11th biggest holding. Naples Global Advisors LLC’s holdings in Corning were worth $11,267,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. CWM LLC lifted its holdings in Corning by 18.0% during the 3rd quarter. CWM LLC now owns 25,756 shares of the electronics maker’s stock worth $1,163,000 after buying an additional 3,929 shares in the last quarter. Swedbank AB lifted its stake in shares of Corning by 60.2% during the third quarter. Swedbank AB now owns 38,314 shares of the electronics maker’s stock valued at $1,730,000 after acquiring an additional 14,403 shares during the period. Jamison Private Wealth Management Inc. lifted its stake in shares of Corning by 6.3% during the third quarter. Jamison Private Wealth Management Inc. now owns 72,772 shares of the electronics maker’s stock valued at $3,286,000 after acquiring an additional 4,321 shares during the period. Nexus Investment Management ULC boosted its holdings in Corning by 1.8% in the third quarter. Nexus Investment Management ULC now owns 101,400 shares of the electronics maker’s stock valued at $4,578,000 after acquiring an additional 1,800 shares during the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd increased its position in Corning by 5.4% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 125,349 shares of the electronics maker’s stock worth $5,660,000 after purchasing an additional 6,450 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s 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 sale, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. In the last ninety days, insiders sold 46,085 shares of company stock valued at $2,345,436. Company insiders own 0.40% of the company’s stock.

Corning Trading Down 0.8 %

NYSE GLW opened at $51.99 on Thursday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The stock’s 50-day moving average is $49.36 and its 200-day moving average is $46.08. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33. The firm has a market cap of $44.51 billion, a P/E ratio of 89.64, a P/E/G ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Sell-side analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

GLW has been the topic of a number of research reports. Barclays reduced their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Oppenheimer reiterated an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Finally, UBS Group lifted their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

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.