Sonora Investment Management Group LLC Has $3.34 Million Position in Corning Incorporated (NYSE:GLW)

Sonora Investment Management Group LLC decreased its holdings in Corning Incorporated (NYSE:GLW) by 3.0% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 70,346 shares of the electronics maker’s stock after selling 2,200 shares during the period. Sonora Investment Management Group LLC’s holdings in Corning were worth $3,343,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. West Oak Capital LLC increased its position in Corning by 0.4% in the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after acquiring an additional 215 shares in the last quarter. Buffington Mohr McNeal boosted its holdings in Corning by 2.1% in the fourth quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock valued at $497,000 after acquiring an additional 220 shares during the last quarter. Sound Income Strategies LLC increased its position in Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares during the period. Lake Street Advisors Group LLC boosted its stake in shares of Corning by 4.5% in the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after purchasing an additional 232 shares during the last quarter. Finally, Goelzer Investment Management Inc. raised its stake in shares of Corning by 0.4% during the fourth quarter. Goelzer Investment Management Inc. now owns 65,816 shares of the electronics maker’s stock worth $3,128,000 after buying an additional 236 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday. JPMorgan Chase & Co. increased their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Citigroup upped their target price on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft boosted their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Oppenheimer reissued an “outperform” rating and set a $58.00 price target (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning 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 completion of the transaction, the senior vice president now owns 6,700 shares in the company, valued at $324,213. This trade represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

Corning Price Performance

GLW opened at $49.93 on Friday. The firm has a 50-day moving average price of $48.67 and a 200-day moving average price of $45.60. The company has a market capitalization of $42.75 billion, a price-to-earnings ratio of 86.08, a PEG ratio of 1.35 and a beta of 1.04. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33.

Corning (NYSE:GLW) last issued its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.01% and a net margin of 3.86%. Equities analysts expect that Corning Incorporated will post 2.3 EPS for the current 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.