Corning Incorporated (NYSE:GLW) Shares Sold by Salem Investment Counselors Inc.

Salem Investment Counselors Inc. trimmed its position in Corning Incorporated (NYSE:GLW) by 1.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,051 shares of the electronics maker’s stock after selling 227 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Corning were worth $953,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Acadian Asset Management LLC increased its stake in Corning by 384.5% during the second quarter. Acadian Asset Management LLC now owns 16,779 shares of the electronics maker’s stock worth $650,000 after acquiring an additional 13,316 shares during the last quarter. LPL Financial LLC increased its position in shares of Corning by 10.4% during the 2nd quarter. LPL Financial LLC now owns 1,085,095 shares of the electronics maker’s stock worth $42,156,000 after purchasing an additional 102,418 shares during the last quarter. DekaBank Deutsche Girozentrale raised its holdings in Corning by 8.7% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 179,113 shares of the electronics maker’s stock valued at $6,984,000 after buying an additional 14,347 shares during the period. Meeder Advisory Services Inc. lifted its position in Corning by 16.5% in the second quarter. Meeder Advisory Services Inc. now owns 11,111 shares of the electronics maker’s stock valued at $432,000 after buying an additional 1,577 shares during the last quarter. Finally, Parallel Advisors LLC boosted its stake in Corning by 2.1% during the second quarter. Parallel Advisors LLC now owns 21,470 shares of the electronics maker’s stock worth $834,000 after buying an additional 440 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Morgan Stanley upped 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. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Susquehanna boosted their price objective on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $50.77.

Insider Transactions at Corning

In related 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 value of $435,722.84. The sale was disclosed in a filing 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 that occurred 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 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. Insiders own 0.40% of the company’s stock.

Corning Stock Down 1.1 %

Shares of Corning stock opened at $46.62 on Tuesday. 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 52-week low of $29.71 and a 52-week high of $51.03. The company 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 company has a 50 day moving average of $47.90 and a 200 day moving average of $44.79.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.45 EPS. As a group, research analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

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.