Ballentine Partners LLC Buys 552 Shares of Corning Incorporated (NYSE:GLW)

Ballentine Partners LLC increased its stake in shares of Corning Incorporated (NYSE:GLW) by 2.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,593 shares of the electronics maker’s stock after buying an additional 552 shares during the quarter. Ballentine Partners LLC’s holdings in Corning were worth $1,264,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Wellington Management Group LLP grew its holdings in Corning by 0.3% during the third quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock worth $1,771,029,000 after buying an additional 133,214 shares in the last quarter. State Street Corp boosted its position in Corning by 3.8% in the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after purchasing an additional 1,242,718 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Corning by 0.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock worth $219,116,000 after purchasing an additional 38,168 shares during the last quarter. FMR LLC boosted its position in Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after purchasing an additional 1,285,836 shares during the last quarter. Finally, Stifel Financial Corp boosted its position in Corning by 1.9% in the third quarter. Stifel Financial Corp now owns 2,810,435 shares of the electronics maker’s stock worth $126,893,000 after purchasing an additional 52,667 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on GLW shares. Citigroup boosted their price objective on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday. JPMorgan Chase & Co. upped 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. Barclays upped their price target on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. UBS Group upped their price target on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and an average target price of $51.31.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction dated 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. Corporate insiders own 0.45% of the company’s stock.

Corning Price Performance

Shares of Corning stock opened at $51.58 on Wednesday. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $44.17 billion, a PE ratio of 303.43, a price-to-earnings-growth ratio of 1.35 and a beta of 1.04. The business’s 50-day moving average price is $47.98 and its 200-day moving average price is $45.16. Corning Incorporated has a 12 month low of $30.30 and a 12 month high of $52.03.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate 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 return on equity of 13.45% and a net margin of 1.24%. The company’s revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.45 EPS. Sell-side analysts forecast 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.