Ingalls & Snyder LLC reduced its holdings in shares of Corning Incorporated (NYSE:GLW) by 9.0% in the 4th quarter, HoldingsChannel reports. The fund owned 30,385 shares of the electronics maker’s stock after selling 3,020 shares during the quarter. Ingalls & Snyder LLC’s holdings in Corning were worth $885,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Pflug Koory LLC boosted its position in shares of Corning by 47.7% in the 4th quarter. Pflug Koory LLC now owns 15,200 shares of the electronics maker’s stock valued at $442,000 after purchasing an additional 4,910 shares during the period. Bridge Creek Capital Management LLC boosted its position in shares of Corning by 3.6% in the 4th quarter. Bridge Creek Capital Management LLC now owns 108,877 shares of the electronics maker’s stock valued at $3,169,000 after purchasing an additional 3,760 shares during the period. Corbenic Partners LLC acquired a new stake in shares of Corning in the 4th quarter valued at about $3,918,000. Johanson Financial Advisors Inc. acquired a new stake in shares of Corning in the 4th quarter valued at about $651,000. Finally, First Hawaiian Bank boosted its position in shares of Corning by 14.0% in the 4th quarter. First Hawaiian Bank now owns 44,033 shares of the electronics maker’s stock valued at $1,282,000 after purchasing an additional 5,405 shares during the period. 73.54% of the stock is owned by institutional investors and hedge funds.
A number of analysts recently issued reports on GLW shares. Citigroup reissued a “buy” rating and issued a $34.00 target price (up from $32.00) on shares of Corning in a research report on Wednesday, October 30th. UBS Group decreased their price objective on Corning from $33.00 to $30.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Morgan Stanley cut Corning from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $34.00 to $33.00 in a research report on Wednesday, January 8th. Argus set a $42.00 price objective on Corning and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, Deutsche Bank cut Corning from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $33.00 to $30.00 in a research report on Wednesday, October 30th. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $32.55.
Corning stock opened at $29.67 on Thursday. Corning Incorporated has a twelve month low of $26.75 and a twelve month high of $35.34. The stock has a 50 day moving average of $29.04 and a two-hundred day moving average of $29.57. The company has a current ratio of 1.71, a quick ratio of 1.06 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $23.16 billion, a price-to-earnings ratio of 16.67, a PEG ratio of 2.02 and a beta of 1.14.
Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.04. Corning had a return on equity of 15.19% and a net margin of 10.41%. The company had revenue of $2.93 billion during the quarter, compared to analysts’ expectations of $2.87 billion. During the same period last year, the firm earned $0.51 EPS. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. Equities analysts predict that Corning Incorporated will post 1.74 earnings per share for the current year.
Corning Company Profile
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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