Lincoln Capital Corp Cuts Stock Holdings in Corning Incorporated (NYSE:GLW)

Lincoln Capital Corp cut its stake in shares of Corning Incorporated (NYSE:GLW) by 23.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,198 shares of the electronics maker’s stock after selling 2,555 shares during the quarter. Lincoln Capital Corp’s holdings in Corning were worth $390,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Pacer Advisors Inc. raised its holdings in Corning by 24.2% during the 2nd quarter. Pacer Advisors Inc. now owns 71,772 shares of the electronics maker’s stock valued at $2,788,000 after buying an additional 14,004 shares during the last quarter. Profund Advisors LLC grew its stake in shares of Corning by 7.1% in the second quarter. Profund Advisors LLC now owns 15,593 shares of the electronics maker’s stock worth $606,000 after purchasing an additional 1,036 shares during the last quarter. Public Sector Pension Investment Board grew its position in shares of Corning by 111.5% in the 2nd quarter. Public Sector Pension Investment Board now owns 24,424 shares of the electronics maker’s stock worth $949,000 after buying an additional 12,875 shares during the last quarter. Evergreen Capital Management LLC raised its holdings in Corning by 3.8% in the 2nd quarter. Evergreen Capital Management LLC now owns 11,829 shares of the electronics maker’s stock worth $460,000 after purchasing an additional 428 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in Corning by 60.5% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 155,282 shares of the electronics maker’s stock worth $6,033,000 after buying an additional 58,513 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Transactions at Corning

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’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 transaction of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Corning Stock Performance

GLW stock opened at $53.96 on Friday. The firm has a 50-day simple moving average of $48.18 and a two-hundred day simple moving average of $45.36. 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 Incorporated has a one year low of $30.31 and a one year high of $54.53. The firm has a market cap of $46.20 billion, a price-to-earnings ratio of 317.40, a PEG ratio of 1.46 and a beta of 1.04.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the firm earned $0.45 earnings per share. The company’s revenue was up 6.9% on a year-over-year basis. On average, equities analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on GLW shares. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Oppenheimer restated an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. 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 note on Wednesday, October 30th. Finally, Citigroup upped their price target on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Corning presently has a consensus 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.