Corning Incorporated (NYSE:GLW) Shares Sold by Nexus Investment Management ULC

Nexus Investment Management ULC lessened its stake in shares of Corning Incorporated (NYSE:GLW) by 7.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 93,400 shares of the electronics maker’s stock after selling 8,000 shares during the quarter. Nexus Investment Management ULC’s holdings in Corning were worth $4,438,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Mercer Global Advisors Inc. ADV boosted its stake in Corning by 0.8% in the second quarter. Mercer Global Advisors Inc. ADV now owns 172,668 shares of the electronics maker’s stock valued at $6,708,000 after acquiring an additional 1,371 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Corning by 19.4% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 73,631 shares of the electronics maker’s stock valued at $2,859,000 after purchasing an additional 11,958 shares during the last quarter. Blair William & Co. IL boosted its position in shares of Corning by 1.5% in the 2nd quarter. Blair William & Co. IL now owns 223,289 shares of the electronics maker’s stock valued at $8,675,000 after purchasing an additional 3,207 shares during the period. Benjamin F. Edwards & Company Inc. boosted its position in shares of Corning by 6.8% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 42,040 shares of the electronics maker’s stock valued at $1,633,000 after purchasing an additional 2,667 shares during the period. Finally, Pacer Advisors Inc. grew its stake in Corning by 24.2% during the 2nd quarter. Pacer Advisors Inc. now owns 71,772 shares of the electronics maker’s stock worth $2,788,000 after buying an additional 14,004 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction 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 sale, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were 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. 0.45% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GLW. Deutsche Bank Aktiengesellschaft increased their price objective on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Morgan Stanley increased their price target on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Barclays lifted their price objective on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Oppenheimer reiterated an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. boosted their price target on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.77.

Corning Stock Up 1.2 %

Corning stock opened at $49.83 on Friday. The stock’s 50 day moving average price is $47.96 and its 200 day moving average price is $45.03. The company has a market cap of $42.66 billion, a PE ratio of 293.12, a price-to-earnings-growth ratio of 1.28 and a beta of 1.04. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. Corning Incorporated has a 1-year low of $29.82 and a 1-year high of $51.03.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.45 EPS. On average, sell-side analysts predict that Corning Incorporated will post 1.95 EPS for the current fiscal year.

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.