Sanibel Captiva Trust Company Inc. Sells 6,790 Shares of Corning Incorporated (NYSE:GLW)

Sanibel Captiva Trust Company Inc. lowered its holdings in shares of Corning Incorporated (NYSE:GLW) by 2.1% during the 4th quarter, Holdings Channel.com reports. The firm owned 320,468 shares of the electronics maker’s stock after selling 6,790 shares during the quarter. Sanibel Captiva Trust Company Inc.’s holdings in Corning were worth $15,229,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its holdings in Corning by 0.3% during the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock valued at $1,771,029,000 after acquiring an additional 133,214 shares during the period. State Street Corp raised its holdings in Corning by 3.8% during 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 buying an additional 1,242,718 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Corning by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock valued at $219,116,000 after buying an additional 38,168 shares during the period. FMR LLC grew its holdings in Corning by 52.8% in the 3rd 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. Finally, Stifel Financial Corp increased its position in shares of Corning by 1.9% in the third quarter. Stifel Financial Corp now owns 2,810,435 shares of the electronics maker’s stock valued at $126,893,000 after acquiring an additional 52,667 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the business’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 transaction, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on GLW. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Susquehanna lifted their price objective on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. upped their target price 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 raised their price target on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, UBS Group boosted their price objective 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. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $50.77.

Corning Price Performance

Shares of NYSE GLW opened at $49.83 on Friday. The company has a 50 day simple moving average of $47.96 and a two-hundred day simple moving average of $44.99. Corning Incorporated has a fifty-two week low of $29.82 and a fifty-two week high of $51.03. The company has a market capitalization of $42.66 billion, a price-to-earnings ratio of 293.12, a P/E/G ratio of 1.28 and a beta of 1.04. 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 announced its quarterly earnings data 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 return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the previous year, the business earned $0.45 earnings per share. The firm’s quarterly revenue 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.

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.