Flagship Harbor Advisors LLC Grows Position in Corning Incorporated (NYSE:GLW)

Flagship Harbor Advisors LLC boosted its holdings in Corning Incorporated (NYSE:GLW) by 18.2% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,456 shares of the electronics maker’s stock after buying an additional 1,302 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Corning were worth $402,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wellington Management Group LLP raised its holdings in shares of Corning by 0.3% during the third quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock valued at $1,771,029,000 after purchasing an additional 133,214 shares during the last quarter. State Street Corp grew its position in Corning by 3.8% in the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after purchasing an additional 1,242,718 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Corning by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock valued at $219,116,000 after buying an additional 38,168 shares during the last quarter. FMR LLC lifted its holdings in shares of Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after buying an additional 1,285,836 shares during the period. Finally, Stifel Financial Corp grew its holdings in shares of Corning by 1.9% in the third quarter. Stifel Financial Corp now owns 2,810,435 shares of the electronics maker’s stock worth $126,893,000 after acquiring an additional 52,667 shares during the period. Institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft increased their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Oppenheimer reissued an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Morgan Stanley upped their target price on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Citigroup boosted their price objective on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Finally, UBS Group raised their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Five equities research 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, Corning has a consensus rating of “Moderate Buy” and an average price target of $51.31.

Corning Stock Up 3.5 %

NYSE GLW opened at $51.27 on Wednesday. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $54.53. 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 has a market cap of $43.90 billion, a PE ratio of 301.58, a P/E/G ratio of 1.46 and a beta of 1.04. The stock’s 50 day moving average is $48.54 and its 200 day moving average is $45.53.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate 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 net margin of 1.24% and a return on equity of 13.45%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.45 earnings per share. Research analysts predict that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Insider Buying and Selling at Corning

In other 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 sale, the senior vice president now directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction that occurred on 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. 0.40% of the stock is currently owned by insiders.

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.