Buffington Mohr McNeal Acquires 220 Shares of Corning Incorporated (NYSE:GLW)

Buffington Mohr McNeal lifted its holdings in Corning Incorporated (NYSE:GLW) by 2.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,461 shares of the electronics maker’s stock after acquiring an additional 220 shares during the period. Buffington Mohr McNeal’s holdings in Corning were worth $497,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Nilsine Partners LLC bought a new stake in shares of Corning during the fourth quarter valued at approximately $1,780,000. Parsons Capital Management Inc. RI grew its holdings in shares of Corning by 4.6% in the fourth quarter. Parsons Capital Management Inc. RI now owns 7,115 shares of the electronics maker’s stock valued at $338,000 after purchasing an additional 315 shares in the last quarter. Pacer Advisors Inc. increased its position in Corning by 4.1% in the fourth quarter. Pacer Advisors Inc. now owns 75,905 shares of the electronics maker’s stock worth $3,607,000 after purchasing an additional 2,964 shares during the last quarter. Webster Bank N. A. raised its stake in Corning by 1.6% during the fourth quarter. Webster Bank N. A. now owns 25,554 shares of the electronics maker’s stock valued at $1,214,000 after purchasing an additional 400 shares in the last quarter. Finally, Union Bancaire Privee UBP SA bought a new position in Corning during the fourth quarter valued at $40,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

Shares of GLW stock opened at $49.53 on Tuesday. The company’s 50 day moving average is $48.47 and its 200 day moving average is $45.50. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The firm has a market cap of $42.40 billion, a price-to-earnings ratio of 291.32, a PEG ratio of 1.46 and a beta of 1.04. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $54.53.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion during 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%. Corning’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.45 earnings per share. On average, sell-side analysts anticipate that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Analysts Set New Price Targets

GLW has been the topic of a number of research reports. Barclays boosted their target price on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Deutsche Bank Aktiengesellschaft raised their price objective on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Morgan Stanley boosted 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. Finally, Oppenheimer restated an “outperform” rating and issued a $58.00 price target (up from $51.00) on shares of Corning 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 MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $51.31.

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the 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 $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Corning Company 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.