Smith Chas P & Associates PA Cpas Buys Shares of 4,250 Corning Incorporated (NYSE:GLW)

Smith Chas P & Associates PA Cpas acquired a new position in Corning Incorporated (NYSE:GLW) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 4,250 shares of the electronics maker’s stock, valued at approximately $202,000.

A number of other hedge funds also recently bought and sold shares of GLW. Sound Income Strategies LLC grew its stake in shares of Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after purchasing an additional 227 shares during the period. City Holding Co. boosted its holdings in shares of Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after buying an additional 600 shares during the last quarter. Rosenberg Matthew Hamilton grew its position in Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after buying an additional 500 shares during the period. Cassady Schiller Wealth Management LLC purchased a new stake in Corning during the third quarter valued at approximately $39,000. Finally, RPg Family Wealth Advisory LLC purchased a new position in shares of Corning during the 3rd quarter worth $40,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on GLW. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. 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 note on Tuesday, December 17th. Citigroup boosted their price objective on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. 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 research note on Tuesday, October 29th. Finally, UBS Group upped their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average price target of $51.31.

Insider Activity at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction dated Friday, November 22nd. The shares were 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 represents a 42.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Corning Price Performance

NYSE:GLW opened at $54.22 on Friday. The company has a market capitalization of $46.43 billion, a P/E ratio of 318.96, a P/E/G ratio of 1.46 and a beta of 1.04. The business’s 50-day moving average is $48.47 and its 200 day moving average is $45.48. 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 12 month low of $30.51 and a 12 month high of $54.53.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. Corning’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the firm posted $0.45 earnings per share. On average, equities research analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning 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.