Corning Incorporated (NYSE:GLW) Stake Reduced by tru Independence LLC

tru Independence LLC lowered its holdings in Corning Incorporated (NYSE:GLW) by 6.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 140,597 shares of the electronics maker’s stock after selling 9,922 shares during the period. Corning comprises 2.1% of tru Independence LLC’s holdings, making the stock its 13th biggest holding. tru Independence LLC’s holdings in Corning were worth $6,681,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Public Sector Pension Investment Board lifted its position in shares of Corning by 111.5% in the 2nd quarter. Public Sector Pension Investment Board now owns 24,424 shares of the electronics maker’s stock valued at $949,000 after acquiring an additional 12,875 shares in the last quarter. MBB Public Markets I LLC increased its holdings in Corning by 806.7% in the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after buying an additional 57,800 shares during the last quarter. Millennium Management LLC raised its position in Corning by 117.1% during the second quarter. Millennium Management LLC now owns 926,249 shares of the electronics maker’s stock valued at $35,985,000 after acquiring an additional 499,595 shares in the last quarter. Creative Planning grew its position in Corning by 37.8% in the second quarter. Creative Planning now owns 247,305 shares of the electronics maker’s stock worth $9,608,000 after acquiring an additional 67,856 shares in the last quarter. Finally, NewEdge Advisors LLC increased its stake in shares of Corning by 58.4% during the 2nd quarter. NewEdge Advisors LLC now owns 90,442 shares of the electronics maker’s stock worth $3,514,000 after purchasing an additional 33,333 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Activity

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 transaction of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company’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 value of $435,722.84. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Corning Stock Down 6.0 %

Shares of Corning stock opened at $50.99 on Monday. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $54.53. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The company has a market capitalization of $43.66 billion, a P/E ratio of 300.02, a price-to-earnings-growth ratio of 1.46 and a beta of 1.04. The business has a 50-day moving average of $48.47 and a two-hundred day moving average of $45.50.

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

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on GLW shares. Citigroup upped their price target on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. UBS Group increased their price target on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Morgan Stanley boosted their price objective 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. Deutsche Bank Aktiengesellschaft raised their target price on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Barclays increased their price objective on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report 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 company. According to MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average price target of $51.31.

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.