Community Bank N.A. reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 6.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,527 shares of the electronics maker’s stock after selling 500 shares during the quarter. Community Bank N.A.’s holdings in Corning were worth $227,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Csenge Advisory Group bought a new stake in shares of Corning during the third quarter valued at about $38,000. Cowen Prime Services LLC raised its stake in shares of Corning by 43.5% during the fourth quarter. Cowen Prime Services LLC now owns 1,650 shares of the electronics maker’s stock valued at $50,000 after purchasing an additional 500 shares in the last quarter. TRUE Private Wealth Advisors bought a new stake in shares of Corning during the third quarter valued at about $100,000. Mitsubishi UFJ Securities Holdings Co. Ltd. raised its stake in shares of Corning by 711.4% during the third quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 2,840 shares of the electronics maker’s stock valued at $100,000 after purchasing an additional 2,490 shares in the last quarter. Finally, Trustcore Financial Services LLC raised its stake in shares of Corning by 233.3% during the third quarter. Trustcore Financial Services LLC now owns 3,000 shares of the electronics maker’s stock valued at $106,000 after purchasing an additional 2,100 shares in the last quarter. Institutional investors and hedge funds own 70.64% of the company’s stock.
A number of equities research analysts recently weighed in on the stock. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday. Zacks Investment Research cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Wednesday, December 12th. Citigroup dropped their price target on shares of Corning from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Wednesday, October 24th. Finally, UBS Group set a $33.00 price target on shares of Corning and gave the stock a “hold” rating in a research report on Tuesday, October 23rd. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $35.50.
Corning stock traded down $0.46 during midday trading on Thursday, hitting $33.07. The company’s stock had a trading volume of 697,358 shares, compared to its average volume of 5,995,899. The company has a current ratio of 2.12, a quick ratio of 1.51 and a debt-to-equity ratio of 0.52. Corning Incorporated has a 12 month low of $26.11 and a 12 month high of $36.56. The stock has a market cap of $26.99 billion, a PE ratio of 18.58, a price-to-earnings-growth ratio of 1.87 and a beta of 1.21.
Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, January 29th. The electronics maker reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. Corning had a net margin of 9.44% and a return on equity of 14.21%. The firm had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.02 billion. During the same period in the previous year, the business earned $0.49 earnings per share. Corning’s revenue for the quarter was up 15.1% compared to the same quarter last year. On average, equities analysts predict that Corning Incorporated will post 2.05 EPS for the current fiscal year.
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Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
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