PFG Investments LLC Trims Stock Holdings in Corning Incorporated (NYSE:GLW)

PFG Investments LLC trimmed its holdings in Corning Incorporated (NYSE:GLW) by 5.3% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 73,889 shares of the electronics maker’s stock after selling 4,117 shares during the period. PFG Investments LLC’s holdings in Corning were worth $3,511,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sound Income Strategies LLC increased its holdings in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares during the period. City Holding Co. increased its holdings in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the period. Rosenberg Matthew Hamilton increased its holdings in Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 500 shares during the period. Cassady Schiller Wealth Management LLC purchased a new position in Corning during the 3rd quarter worth $39,000. Finally, RPg Family Wealth Advisory LLC purchased a new position in Corning during the 3rd quarter worth $40,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Performance

NYSE GLW opened at $54.22 on Monday. The stock has a 50-day simple moving average of $48.47 and a two-hundred day simple moving average of $45.50. The firm has a market capitalization of $46.43 billion, a P/E ratio of 318.96, a PEG ratio of 1.46 and a beta of 1.04. Corning Incorporated has a fifty-two week low of $30.51 and a fifty-two week high of $54.53. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The business 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%. The company’s revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the business posted $0.45 EPS. On average, equities analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current year.

Insider Buying and Selling at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction dated 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 transaction, the senior vice president now owns 6,700 shares in the company, valued at $324,213. The trade was a 42.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction dated 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. Company insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on GLW. Barclays raised their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Oppenheimer reaffirmed 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. UBS Group increased their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft increased their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. increased their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $51.31.

Corning Company 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.