Corning Incorporated (NYSE:GLW) Shares Sold by Community Financial Services Group LLC

Community Financial Services Group LLC decreased its position in Corning Incorporated (NYSE:GLW) by 15.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 52,829 shares of the electronics maker’s stock after selling 9,376 shares during the period. Community Financial Services Group LLC’s holdings in Corning were worth $2,510,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Brookstone Capital Management boosted its holdings in Corning by 42.7% in the third quarter. Brookstone Capital Management now owns 6,522 shares of the electronics maker’s stock worth $294,000 after purchasing an additional 1,951 shares in the last quarter. CWM LLC increased its stake in Corning by 18.0% during the third quarter. CWM LLC now owns 25,756 shares of the electronics maker’s stock valued at $1,163,000 after acquiring an additional 3,929 shares during the period. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in Corning by 699.9% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 6,743 shares of the electronics maker’s stock valued at $304,000 after buying an additional 5,900 shares during the period. Swedbank AB boosted its holdings in Corning by 60.2% during the third quarter. Swedbank AB now owns 38,314 shares of the electronics maker’s stock valued at $1,730,000 after purchasing an additional 14,403 shares in the last quarter. Finally, Jamison Private Wealth Management Inc. grew its stake in shares of Corning by 6.3% in the 3rd quarter. Jamison Private Wealth Management Inc. now owns 72,772 shares of the electronics maker’s stock valued at $3,286,000 after purchasing an additional 4,321 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 directly owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,085 shares of company stock valued at $2,345,436 in the last quarter. 0.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

GLW has been the subject of several analyst reports. Morgan Stanley lifted their price target 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. UBS Group raised their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. JPMorgan Chase & Co. raised their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Finally, Citigroup lifted their price target on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Three analysts have rated the stock with a hold rating, eleven have issued 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 an average target price of $53.00.

Corning Stock Down 1.3 %

GLW opened at $52.35 on Wednesday. The company has a market cap of $44.82 billion, a P/E ratio of 90.25, a P/E/G ratio of 1.55 and a beta of 1.03. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33. The business’s 50-day moving average price is $49.29 and its 200-day moving average price is $46.02. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, equities analysts expect that Corning Incorporated will post 2.33 EPS 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.