Corning Incorporated (NYSE:GLW) Shares Bought by Simon Quick Advisors LLC

Simon Quick Advisors LLC raised its holdings in shares of Corning Incorporated (NYSE:GLW) by 34.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,113 shares of the electronics maker’s stock after acquiring an additional 1,558 shares during the quarter. Simon Quick Advisors LLC’s holdings in Corning were worth $290,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in GLW. West Oak Capital LLC boosted its holdings in Corning by 0.4% in the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after purchasing an additional 215 shares in the last quarter. Lake Street Advisors Group LLC grew its position in shares of Corning by 4.5% in the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after buying an additional 232 shares during the last quarter. Grove Bank & Trust raised its stake in Corning by 14.6% during the 4th quarter. Grove Bank & Trust now owns 1,858 shares of the electronics maker’s stock worth $88,000 after acquiring an additional 237 shares in the last quarter. SteelPeak Wealth LLC lifted its position in Corning by 3.3% in the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after acquiring an additional 239 shares during the last quarter. Finally, Brown Lisle Cummings Inc. boosted its stake in Corning by 1.5% in the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after acquiring an additional 250 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Transactions at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction that occurred 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. The trade was a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

GLW has been the topic of a number of research analyst reports. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Morgan Stanley boosted their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. JPMorgan Chase & Co. raised their target price on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Citigroup upped their price target on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Barclays raised their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and an average price target of $51.31.

Corning Price Performance

Shares of GLW opened at $53.96 on Friday. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock’s 50 day moving average is $48.18 and its two-hundred day moving average is $45.36. Corning Incorporated has a twelve month low of $30.31 and a twelve month high of $54.53. The firm has a market capitalization of $46.20 billion, a PE ratio of 317.40, a P/E/G ratio of 1.39 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 for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.45 earnings per share. Research analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.

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.