Pacer Advisors Inc. Purchases 2,964 Shares of Corning Incorporated (NYSE:GLW)

Pacer Advisors Inc. increased its position in Corning Incorporated (NYSE:GLW) by 4.1% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 75,905 shares of the electronics maker’s stock after acquiring an additional 2,964 shares during the quarter. Pacer Advisors Inc.’s holdings in Corning were worth $3,607,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Webster Bank N. A. increased its stake in shares of Corning by 1.6% in the fourth quarter. Webster Bank N. A. now owns 25,554 shares of the electronics maker’s stock worth $1,214,000 after purchasing an additional 400 shares in the last quarter. Union Bancaire Privee UBP SA bought a new position in Corning in the 4th quarter worth approximately $40,000. Blue Trust Inc. grew its stake in Corning by 12.9% in the 4th quarter. Blue Trust Inc. now owns 23,201 shares of the electronics maker’s stock valued at $1,048,000 after buying an additional 2,646 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its holdings in Corning by 3.9% during the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 48,986 shares of the electronics maker’s stock valued at $2,328,000 after acquiring an additional 1,830 shares during the period. Finally, Jamison Private Wealth Management Inc. lifted its position in shares of Corning by 4.1% during the fourth quarter. Jamison Private Wealth Management Inc. now owns 75,755 shares of the electronics maker’s stock worth $3,600,000 after acquiring an additional 2,983 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on GLW. Deutsche Bank Aktiengesellschaft boosted their price objective on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Morgan Stanley upped their price target on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. JPMorgan Chase & Co. raised their price objective on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Finally, Barclays lowered their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $53.00.

Insider Activity

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were 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 of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the 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 disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Corning Stock Up 0.3 %

Shares of GLW opened at $49.93 on Friday. The firm has a market cap of $42.75 billion, a P/E ratio of 293.68, a P/E/G ratio of 1.46 and a beta of 1.04. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The stock has a 50 day simple moving average of $48.67 and a two-hundred day simple moving average of $45.60. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05.

Corning (NYSE:GLW) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. On average, analysts forecast that Corning Incorporated will post 1.95 earnings per share 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.