Solaris Asset Management LLC increased its holdings in shares of Corning Incorporated (NYSE:GLW) by 138.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 28,615 shares of the electronics maker’s stock after buying an additional 16,615 shares during the period. Solaris Asset Management LLC’s holdings in Corning were worth $915,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of GLW. Beach Investment Management LLC. acquired a new stake in shares of Corning during the 2nd quarter valued at about $261,000. Private Advisor Group LLC grew its position in shares of Corning by 4.3% during the 2nd quarter. Private Advisor Group LLC now owns 76,055 shares of the electronics maker’s stock valued at $2,322,000 after acquiring an additional 3,162 shares during the period. Eaton Vance Management grew its position in shares of Corning by 0.9% during the 2nd quarter. Eaton Vance Management now owns 1,862,287 shares of the electronics maker’s stock valued at $55,962,000 after acquiring an additional 16,516 shares during the period. Wells Fargo & Company MN lifted its stake in Corning by 26.0% in the 2nd quarter. Wells Fargo & Company MN now owns 3,917,969 shares of the electronics maker’s stock valued at $117,734,000 after buying an additional 808,002 shares in the last quarter. Finally, Aberdeen Asset Management PLC UK lifted its stake in Corning by 51.0% in the 2nd quarter. Aberdeen Asset Management PLC UK now owns 2,477,578 shares of the electronics maker’s stock valued at $74,451,000 after buying an additional 836,290 shares in the last quarter. Hedge funds and other institutional investors own 72.12% of the company’s stock.
A number of brokerages recently weighed in on GLW. Barclays set a $38.00 price target on shares of Corning and gave the company a “buy” rating in a research note on Wednesday, January 10th. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Zacks Investment Research lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Friday, December 22nd. Guggenheim reaffirmed a “buy” rating and issued a $35.00 price target on shares of Corning in a research note on Tuesday, December 12th. Finally, Citigroup raised their price target on shares of Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, October 25th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Corning has a consensus rating of “Hold” and an average price target of $30.48.
Corning (NYSE:GLW) last released its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.02. Corning had a net margin of 24.98% and a return on equity of 11.53%. The business had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.59 billion. During the same period last year, the company posted $0.42 EPS. The business’s revenue was up 4.0% on a year-over-year basis. sell-side analysts forecast that Corning Incorporated will post 1.7 EPS for the current year.
In other Corning news, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the firm’s stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $32.42, for a total value of $1,675,335.92. Following the transaction, the insider now directly owns 136,032 shares of the company’s stock, valued at approximately $4,410,157.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Eric S. Musser sold 29,949 shares of the firm’s stock in a transaction that occurred on Wednesday, October 25th. The stock was sold at an average price of $31.56, for a total transaction of $945,190.44. Following the completion of the transaction, the vice president now directly owns 49,471 shares in the company, valued at $1,561,304.76. The disclosure for this sale can be found here. Insiders sold a total of 348,320 shares of company stock worth $10,996,824 over the last three months. Corporate insiders own 0.59% of the company’s stock.
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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