Fulton Bank N.A. Takes $301,000 Position in Corning Incorporated (NYSE:GLW)

Fulton Bank N.A. acquired a new stake in Corning Incorporated (NYSE:GLW) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 6,328 shares of the electronics maker’s stock, valued at approximately $301,000.

A number of other institutional investors also recently made changes to their positions in GLW. Acadian Asset Management LLC raised its holdings in Corning by 384.5% during the 2nd quarter. Acadian Asset Management LLC now owns 16,779 shares of the electronics maker’s stock valued at $650,000 after buying an additional 13,316 shares during the last quarter. Prudential PLC raised its holdings in Corning by 85.8% during the 2nd quarter. Prudential PLC now owns 16,274 shares of the electronics maker’s stock valued at $632,000 after buying an additional 7,515 shares during the last quarter. Choreo LLC bought a new stake in Corning during the 2nd quarter valued at $733,000. Royal London Asset Management Ltd. raised its holdings in Corning by 0.8% during the 2nd quarter. Royal London Asset Management Ltd. now owns 264,007 shares of the electronics maker’s stock valued at $10,257,000 after buying an additional 2,032 shares during the last quarter. Finally, Daiwa Securities Group Inc. raised its holdings in Corning by 9.9% during the 2nd quarter. Daiwa Securities Group Inc. now owns 86,870 shares of the electronics maker’s stock valued at $3,375,000 after buying an additional 7,830 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity

In other news, 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 sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the 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 completion of the transaction, the senior vice president now 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. Insiders own 0.40% of the company’s stock.

Corning Stock Performance

Shares of NYSE GLW opened at $47.02 on Friday. The firm’s 50-day moving average price is $47.91 and its 200-day moving average price is $44.67. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The company has a market cap of $40.26 billion, a PE ratio of 276.59, a PEG ratio of 1.54 and a beta of 1.04. Corning Incorporated has a 52-week low of $29.71 and a 52-week high of $51.03.

Corning (NYSE:GLW) last announced 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. 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 business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.45 EPS. As a group, analysts anticipate that Corning Incorporated will post 1.95 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on GLW shares. Barclays upped 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. Susquehanna upped their price objective on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. 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 report on Wednesday, October 30th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.77.

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.