Moody National Bank Trust Division Acquires 617 Shares of Corning Incorporated (NYSE:GLW)

Moody National Bank Trust Division increased its holdings in Corning Incorporated (NYSE:GLW) by 8.3% in the 4th quarter, Holdings Channel reports. The fund owned 8,061 shares of the electronics maker’s stock after buying an additional 617 shares during the quarter. Moody National Bank Trust Division’s holdings in Corning were worth $383,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. City Holding Co. grew its holdings in Corning by 545.5% in the third 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. Cassady Schiller Wealth Management LLC purchased a new stake in shares of Corning in the 3rd quarter worth approximately $39,000. RPg Family Wealth Advisory LLC purchased a new stake in shares of Corning in the 3rd quarter worth approximately $40,000. Global Trust Asset Management LLC increased its position in Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after buying an additional 900 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in Corning in the third quarter worth $45,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s 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 directly owns 6,700 shares in the company, valued at $324,213. This trade represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

GLW has been the subject of several analyst reports. Morgan Stanley raised their price target on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. UBS Group upped their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Barclays boosted their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Finally, 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 note 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 target price of $50.77.

Corning Stock Performance

GLW stock opened at $47.45 on Wednesday. The company has a market cap of $40.63 billion, a P/E ratio of 279.12, a price-to-earnings-growth ratio of 1.54 and a beta of 1.04. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. Corning Incorporated has a 1 year low of $29.71 and a 1 year high of $51.03. The stock’s fifty day moving average price is $47.91 and its 200-day moving average price is $44.85.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the previous year, the company posted $0.45 EPS. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, equities analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current year.

About Corning

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.