Silverberg Bernstein Capital Management LLC Takes Position in Corning Incorporated (NYSE:GLW)

Silverberg Bernstein Capital Management LLC bought a new position in Corning Incorporated (NYSE:GLW) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 4,350 shares of the electronics maker’s stock, valued at approximately $207,000.

Other hedge funds also recently added to or reduced their stakes in the company. City Holding Co. lifted its position in Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares during the last quarter. Rosenberg Matthew Hamilton raised its stake in Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 500 shares during the period. Cassady Schiller Wealth Management LLC acquired a new stake in Corning during the 3rd quarter valued at $39,000. RPg Family Wealth Advisory LLC acquired a new stake in shares of Corning in the third quarter worth $40,000. Finally, Global Trust Asset Management LLC raised its position in 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 period. 69.80% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

GLW has been the subject of a number of research reports. Bank of America raised their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Deutsche Bank Aktiengesellschaft upped 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. Susquehanna lifted their price target on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. UBS Group increased their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, Barclays boosted their target price on 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 issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.77.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the 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 transaction, 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 legal filing with the SEC, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Corning Price Performance

Shares of NYSE:GLW opened at $48.24 on Wednesday. The firm has a market capitalization of $41.30 billion, a PE ratio of 283.76, a PEG ratio of 1.54 and a beta of 1.04. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1-year low of $29.71 and a 1-year high of $51.03. The business’s 50 day moving average is $47.91 and its 200-day moving average is $44.85.

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