Corning Incorporated (NYSE:GLW) Shares Sold by Burns J W & Co. Inc. NY

Burns J W & Co. Inc. NY decreased its position in shares of Corning Incorporated (NYSE:GLW) by 6.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,468 shares of the electronics maker’s stock after selling 792 shares during the period. Burns J W & Co. Inc. NY’s holdings in Corning were worth $592,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in GLW. City Holding Co. raised its position in Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 600 shares in the last quarter. Cassady Schiller Wealth Management LLC acquired a new stake in Corning during the third quarter valued at approximately $39,000. RPg Family Wealth Advisory LLC acquired a new position in Corning in the third quarter worth approximately $40,000. Global Trust Asset Management LLC increased its holdings in shares of Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after buying an additional 900 shares in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of Corning during the 3rd quarter valued at $45,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Down 1.1 %

Shares of NYSE:GLW traded down $0.50 on Monday, reaching $46.62. The company had a trading volume of 4,474,749 shares, compared to its average volume of 3,938,741. The stock has a market capitalization of $39.92 billion, a P/E ratio of 274.24, a P/E/G ratio of 1.54 and a beta of 1.04. The stock has a 50-day moving average price of $47.91 and a 200 day moving average price of $44.73. Corning Incorporated has a twelve month low of $29.71 and a twelve month high of $51.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last released its quarterly 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. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the firm posted $0.45 earnings per share. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, equities analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Wall Street Analyst Weigh In

GLW has been the subject of a number of analyst reports. Bank of America upped their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. UBS Group lifted their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Oppenheimer restated an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Barclays raised their target price on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Finally, Morgan Stanley increased their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $50.77.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning 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 owns 6,700 shares in the company, valued at approximately $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

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.