Donoghue Forlines LLC Buys Shares of 44,855 Corning Incorporated (NYSE:GLW)

Donoghue Forlines LLC purchased a new position in Corning Incorporated (NYSE:GLW) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 44,855 shares of the electronics maker’s stock, valued at approximately $2,132,000. Corning accounts for about 0.7% of Donoghue Forlines LLC’s portfolio, making the stock its 14th largest holding.

Several other institutional investors and hedge funds also recently modified their holdings of the business. City Holding Co. boosted its position in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the period. Rosenberg Matthew Hamilton grew its position in shares of Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after acquiring an additional 500 shares during the last quarter. Cassady Schiller Wealth Management LLC acquired a new position in shares of Corning during the third quarter worth approximately $39,000. RPg Family Wealth Advisory LLC bought a new stake in Corning during the 3rd quarter valued at $40,000. Finally, Global Trust Asset Management LLC lifted its stake in shares of Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after acquiring an additional 900 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on GLW shares. 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. UBS Group increased their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Morgan Stanley raised their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report 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 stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.31.

Corning Stock Performance

Shares of NYSE GLW opened at $53.91 on Thursday. The stock has a market capitalization of $46.16 billion, a PE ratio of 317.51, a price-to-earnings-growth ratio of 1.39 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 Incorporated has a 52 week low of $30.31 and a 52 week high of $54.33. The stock has a 50 day moving average price of $48.18 and a 200 day moving average price of $45.36.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. The business had revenue of $3.39 billion during 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%. Corning’s revenue was up 6.9% on a year-over-year basis. During the same period last year, the business posted $0.45 EPS. Analysts predict that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Insider Activity at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following 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 transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction that occurred 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. 0.40% of the stock is owned by company insiders.

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.