Cooper Financial Group Boosts Position in Corning Incorporated (NYSE:GLW)

Cooper Financial Group raised its holdings in shares of Corning Incorporated (NYSE:GLW) by 47.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,650 shares of the electronics maker’s stock after buying an additional 2,466 shares during the period. Cooper Financial Group’s holdings in Corning were worth $364,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

GLW has been the subject of a number of analyst reports. Barclays upped their price target on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Susquehanna upped their price objective on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Finally, UBS Group lifted their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $50.77.

Corning Trading Up 1.9 %

NYSE:GLW opened at $47.45 on Wednesday. The company has a market cap of $40.63 billion, a PE ratio of 279.12, a P/E/G ratio of 1.54 and a beta of 1.04. The business’s 50 day moving average is $47.91 and its two-hundred day moving average is $44.85. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. 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 data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period last year, the business posted $0.45 earnings per share. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s 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. The trade was a 42.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on Monday, November 25th. The stock was 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. Company insiders own 0.40% of the company’s stock.

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.