Courier Capital LLC Sells 490 Shares of Corning Incorporated (NYSE:GLW)

Courier Capital LLC lessened its position in shares of Corning Incorporated (NYSE:GLW) by 1.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,903 shares of the electronics maker’s stock after selling 490 shares during the period. Courier Capital LLC’s holdings in Corning were worth $1,469,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of GLW. FMR LLC grew its holdings 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 buying an additional 1,285,836 shares in the last quarter. State Street Corp boosted its position in Corning by 3.8% during the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after acquiring an additional 1,242,718 shares during the last quarter. Los Angeles Capital Management LLC grew its stake in shares of Corning by 215.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after acquiring an additional 1,145,955 shares in the last quarter. Pathway Financial Advisers LLC raised its holdings in shares of Corning by 4,306.9% in the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock valued at $47,428,000 after purchasing an additional 1,026,626 shares during the last quarter. Finally, Shellback Capital LP bought a new stake in shares of Corning in the second quarter worth $34,483,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Activity at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares of the company’s stock, 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 at the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Corning Stock Performance

NYSE GLW opened at $46.62 on Tuesday. The stock has a market cap of $39.92 billion, a PE ratio of 274.24, a P/E/G ratio of 1.54 and a beta of 1.04. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The firm has a 50-day moving average of $47.90 and a 200-day moving average of $44.79. Corning Incorporated has a 52-week low of $29.71 and a 52-week high of $51.03.

Corning (NYSE:GLW) last issued 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 net margin of 1.24% and a return on equity of 13.45%. The firm had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the business posted $0.45 earnings per share. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Corning Incorporated will post 1.95 EPS for the current year.

Analyst Ratings Changes

A number of research firms recently weighed in on GLW. Bank of America raised their target price on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Morgan Stanley lifted their target price on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Susquehanna upped their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Oppenheimer restated an “outperform” rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, Barclays upped their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.77.

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.