ST Germain D J Co. Inc. Reduces Stock Position in Corning Incorporated (NYSE:GLW)

ST Germain D J Co. Inc. decreased its position in shares of Corning Incorporated (NYSE:GLW) by 1.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 164,359 shares of the electronics maker’s stock after selling 2,290 shares during the quarter. ST Germain D J Co. Inc.’s holdings in Corning were worth $7,810,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. FMR LLC raised its position in Corning by 52.8% during the third 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 last quarter. State Street Corp lifted its holdings in Corning by 3.8% in the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after purchasing an additional 1,242,718 shares in the last quarter. Los Angeles Capital Management LLC grew its stake in Corning by 215.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after acquiring an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC raised its holdings in Corning by 4,306.9% in the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock valued at $47,428,000 after acquiring an additional 1,026,626 shares during the last quarter. Finally, Shellback Capital LP acquired a new stake in shares of Corning during the second quarter worth $34,483,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

Shares of Corning stock traded down $0.69 during trading on Friday, hitting $47.04. 828,050 shares of the stock were exchanged, compared to its average volume of 3,234,493. The stock has a market cap of $40.28 billion, a PE ratio of 276.71, a P/E/G ratio of 1.54 and a beta of 1.04. The stock’s fifty day moving average is $47.94 and its 200 day moving average is $44.65. Corning Incorporated has a 12 month low of $29.71 and a 12 month high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66.

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

Insider Activity at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction on 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. Company insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on GLW shares. Bank of America increased their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Barclays upped their price target on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. JPMorgan Chase & Co. lifted their price objective on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Susquehanna boosted their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and an average target price of $50.77.

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.