Conning Inc. Sells 145,035 Shares of Corning Incorporated (NYSE:GLW)

Conning Inc. reduced its stake in Corning Incorporated (NYSE:GLW) by 16.5% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 735,984 shares of the electronics maker’s stock after selling 145,035 shares during the quarter. Conning Inc.’s holdings in Corning were worth $34,974,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Sound Income Strategies LLC boosted its stake 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 period. Rosenberg Matthew Hamilton raised its position in Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 500 shares in the last quarter. Global X Japan Co. Ltd. acquired a new position in Corning during the fourth quarter valued at approximately $40,000. Union Bancaire Privee UBP SA acquired a new position in Corning during the fourth quarter valued at approximately $40,000. Finally, Cassady Schiller Wealth Management LLC acquired a new position in Corning during the third quarter valued at approximately $39,000. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Performance

Shares of Corning stock opened at $52.99 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The stock has a market cap of $45.37 billion, a price-to-earnings ratio of 91.36, a P/E/G ratio of 1.55 and a beta of 1.03. The company’s fifty day moving average is $49.13 and its 200 day moving average is $45.88.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping the consensus estimate 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 forecast that Corning Incorporated will post 2.33 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have commented on GLW shares. JPMorgan Chase & Co. boosted their price objective on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Morgan Stanley boosted their price objective on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and boosted their price objective for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Finally, Barclays lowered their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction on Thursday, January 30th. The shares were 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. Insiders have sold a total of 46,085 shares of company stock valued at $2,345,436 over the last 90 days. 0.40% of the stock is owned by insiders.

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.