Yacktman Asset Management LP Sells 318,000 Shares of Corning Incorporated (NYSE:GLW)

Yacktman Asset Management LP trimmed its holdings in Corning Incorporated (NYSE:GLW) by 27.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 852,000 shares of the electronics maker’s stock after selling 318,000 shares during the period. Yacktman Asset Management LP’s holdings in Corning were worth $40,487,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of GLW. FMR LLC grew its position in shares of Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the period. State Street Corp lifted its stake in Corning by 3.8% in the third 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 in the last quarter. Los Angeles Capital Management LLC boosted its holdings in shares of Corning by 215.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock valued at $75,740,000 after buying an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC increased its position in shares of Corning by 4,306.9% during the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock worth $47,428,000 after acquiring an additional 1,026,626 shares in the last quarter. Finally, Conning Inc. raised its holdings in shares of Corning by 14,556.8% during the third quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock worth $39,778,000 after acquiring an additional 875,008 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction that occurred on 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 sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 disclosure for this sale can be found here. Insiders sold a total of 46,085 shares of company stock valued at $2,345,436 in the last three months. Insiders own 0.40% of the company’s stock.

Corning Price Performance

Shares of NYSE GLW opened at $53.02 on Tuesday. The business has a fifty day moving average price of $49.22 and a two-hundred day moving average price of $45.95. The stock has a market capitalization of $45.39 billion, a PE ratio of 91.41, a P/E/G ratio of 1.55 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. As a group, equities analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on GLW. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and upped their target price for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Barclays reduced their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $53.00.

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.