Magnus Financial Group LLC Acquires Shares of 6,475 Corning Incorporated (NYSE:GLW)

Magnus Financial Group LLC bought a new position in Corning Incorporated (NYSE:GLW) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 6,475 shares of the electronics maker’s stock, valued at approximately $308,000.

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

Corning Trading Up 4.8 %

Shares of GLW stock opened at $54.01 on Thursday. The business’s 50 day moving average is $48.05 and its two-hundred day moving average is $45.25. 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 Incorporated has a 12 month low of $30.30 and a 12 month high of $54.33. The company has a market cap of $46.24 billion, a PE ratio of 317.69, a price-to-earnings-growth ratio of 1.39 and a beta of 1.04.

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

Insider Buying and Selling

In other news, 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 transaction of $435,722.84. The sale 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 firm’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 completion of the sale, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts recently commented on GLW shares. Citigroup raised their price target on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday. UBS Group boosted their price target on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Barclays boosted their target price on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Finally, Morgan Stanley raised their price target 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 equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus price target of $51.31.

About Corning

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.