Czech National Bank Purchases 10,196 Shares of Corning Incorporated (NYSE:GLW)

Czech National Bank boosted its position in shares of Corning Incorporated (NYSE:GLW) by 6.5% in the 4th quarter, HoldingsChannel reports. The firm owned 167,079 shares of the electronics maker’s stock after buying an additional 10,196 shares during the period. Czech National Bank’s holdings in Corning were worth $7,940,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Franklin Resources Inc. boosted its holdings in shares of Corning by 48.4% in the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock worth $8,975,000 after acquiring an additional 62,514 shares in the last quarter. FMR LLC raised its position in Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the last quarter. MBB Public Markets I LLC boosted its stake in Corning by 806.7% in the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after purchasing an additional 57,800 shares in the last quarter. First Financial Bank Trust Division grew its holdings in shares of Corning by 27.5% during the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock worth $6,565,000 after purchasing an additional 29,790 shares during the last quarter. Finally, Transamerica Financial Advisors Inc. increased its stake in shares of Corning by 529.6% in the third quarter. Transamerica Financial Advisors Inc. now owns 16,533 shares of the electronics maker’s stock valued at $747,000 after buying an additional 13,907 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GLW has been the topic of several research reports. Morgan Stanley upped their price target on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Bank of America boosted their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. UBS Group increased their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Barclays boosted their target price on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $50.77.

Insider Activity

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of Corning 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 legal filing with the SEC, which is accessible through 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 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 disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

Corning Price Performance

Shares of GLW opened at $47.45 on Wednesday. The stock 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. Corning Incorporated has a 1 year low of $29.71 and a 1 year high of $51.03. The stock’s 50-day moving average price is $47.91 and its two-hundred day moving average price is $44.85. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the firm earned $0.45 EPS. Corning’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, equities analysts predict 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.