Bangor Savings Bank Buys 606 Shares of Corning Incorporated (NYSE:GLW)

Bangor Savings Bank grew its stake in shares of Corning Incorporated (NYSE:GLW) by 1.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 36,695 shares of the electronics maker’s stock after acquiring an additional 606 shares during the period. Bangor Savings Bank’s holdings in Corning were worth $1,744,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of GLW. Bard Financial Services Inc. grew its stake in Corning by 16.6% in the 4th quarter. Bard Financial Services Inc. now owns 42,125 shares of the electronics maker’s stock valued at $2,002,000 after buying an additional 6,000 shares in the last quarter. Nordea Investment Management AB lifted its holdings in Corning by 2.5% during the 4th quarter. Nordea Investment Management AB now owns 65,183 shares of the electronics maker’s stock worth $3,092,000 after purchasing an additional 1,571 shares in the last quarter. First Citizens Financial Corp boosted its stake in Corning by 5.0% in the 4th quarter. First Citizens Financial Corp now owns 10,517 shares of the electronics maker’s stock worth $500,000 after purchasing an additional 500 shares during the period. GAMMA Investing LLC grew its holdings in Corning by 27.9% during the 4th quarter. GAMMA Investing LLC now owns 8,791 shares of the electronics maker’s stock valued at $418,000 after buying an additional 1,916 shares in the last quarter. Finally, Versant Capital Management Inc increased its position in shares of Corning by 140.6% during the fourth quarter. Versant Capital Management Inc now owns 2,033 shares of the electronics maker’s stock valued at $97,000 after buying an additional 1,188 shares during the period. Institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of Corning 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’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 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 company insiders.

Corning Price Performance

Shares of NYSE GLW opened at $48.25 on Tuesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The company has a 50 day simple moving average of $47.97 and a two-hundred day simple moving average of $44.52. Corning Incorporated has a fifty-two week low of $29.71 and a fifty-two week high of $51.03. The company has a market capitalization of $41.31 billion, a price-to-earnings ratio of 283.82, a P/E/G ratio of 1.54 and a beta of 1.04.

Corning (NYSE:GLW) last released 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 return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the previous year, the company posted $0.45 earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. Analysts expect that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on GLW shares. 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 research report on Wednesday, October 30th. Oppenheimer restated an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. JPMorgan Chase & Co. raised their price target on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft boosted their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Barclays lifted their price objective 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. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.77.

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.