Wilmington Savings Fund Society FSB Sells 9,201 Shares of Corning Incorporated (NYSE:GLW)

Wilmington Savings Fund Society FSB decreased its stake in Corning Incorporated (NYSE:GLW) by 2.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 356,411 shares of the electronics maker’s stock after selling 9,201 shares during the quarter. Wilmington Savings Fund Society FSB’s holdings in Corning were worth $16,937,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in GLW. Sound Income Strategies LLC lifted its stake in shares of Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after acquiring an additional 227 shares during the last quarter. Rosenberg Matthew Hamilton increased its holdings in Corning by 202.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 500 shares in the last quarter. Global X Japan Co. Ltd. bought a new position in Corning in the fourth quarter valued at about $40,000. Union Bancaire Privee UBP SA acquired a new stake in shares of Corning during the fourth quarter valued at about $40,000. Finally, Cassady Schiller Wealth Management LLC bought a new stake in shares of Corning during the third quarter worth about $39,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Morgan Stanley lifted their price target on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Barclays decreased their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Finally, Citigroup increased their price target on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Price Performance

Shares of GLW opened at $52.99 on Friday. The firm has a market cap of $45.37 billion, a PE ratio of 91.36, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The business’s 50 day moving average price is $49.13 and its two-hundred day moving average price is $45.88.

Corning (NYSE:GLW) last issued its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. On average, equities analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Insider Transactions at Corning

In related news, 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 value of $435,722.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. Insiders have sold 46,085 shares of company stock valued at $2,345,436 in the last 90 days. 0.40% of the stock is currently owned by corporate 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.