Founders Capital Management Decreases Position in Corning Incorporated (NYSE:GLW)

Founders Capital Management decreased its position in Corning Incorporated (NYSE:GLW) by 3.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 148,357 shares of the electronics maker’s stock after selling 5,016 shares during the quarter. Corning accounts for 4.5% of Founders Capital Management’s portfolio, making the stock its 6th largest position. Founders Capital Management’s holdings in Corning were worth $7,050,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. City Holding Co. raised its position in shares of Corning by 545.5% in the 3rd 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 purchased a new position in shares of Corning in the 3rd quarter worth about $39,000. RPg Family Wealth Advisory LLC purchased a new position in Corning in the 3rd quarter worth approximately $40,000. Global Trust Asset Management LLC boosted its position in shares of Corning by 2,250.0% during 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 during the last quarter. Finally, Venturi Wealth Management LLC lifted its stake in Corning by 90.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock valued at $45,000 after acquiring an additional 473 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Down 1.6 %

NYSE:GLW traded down $0.75 during mid-day trading on Monday, hitting $46.37. 1,231,638 shares of the company’s stock traded hands, compared to its average volume of 3,434,267. 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 market capitalization of $39.70 billion, a P/E ratio of 272.76, a P/E/G ratio of 1.54 and a beta of 1.04. The company has a fifty day moving average of $47.91 and a 200 day moving average of $44.73. Corning Incorporated has a twelve month low of $29.71 and a twelve month high of $51.03.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (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 business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the prior year, the business posted $0.45 EPS. Corning’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.

Insiders Place Their Bets

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 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 value of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $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 insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Barclays raised their target price 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. Susquehanna increased their price objective on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Deutsche Bank Aktiengesellschaft boosted their price target on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. upped their price objective on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Finally, Bank of America boosted their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.