Cacti Asset Management LLC Sells 500 Shares of Corning Incorporated (NYSE:GLW)

Cacti Asset Management LLC lessened its holdings in Corning Incorporated (NYSE:GLW) by 0.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 778,057 shares of the electronics maker’s stock after selling 500 shares during the quarter. Corning accounts for approximately 2.8% of Cacti Asset Management LLC’s holdings, making the stock its 15th largest holding. Cacti Asset Management LLC owned 0.09% of Corning worth $36,833,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. FMR LLC raised its position in Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after buying an additional 1,285,836 shares during the last quarter. State Street Corp grew its position in Corning by 3.8% during the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after purchasing an additional 1,242,718 shares during the period. Los Angeles Capital Management LLC lifted its holdings in shares of Corning by 215.6% in the 3rd 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 boosted its stake in shares of Corning by 4,306.9% in the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock worth $47,428,000 after buying an additional 1,026,626 shares during the last quarter. Finally, Shellback Capital LP acquired a new stake in Corning during the second quarter worth about $34,483,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on GLW. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Susquehanna raised their target price on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. lifted their price target on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Morgan Stanley raised their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Finally, Oppenheimer reiterated an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $50.77.

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was 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 directly owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction dated 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. 0.45% of the stock is owned by corporate insiders.

Corning Stock Performance

NYSE:GLW traded down $0.29 during mid-day trading on Thursday, reaching $47.23. 982,738 shares of the stock were exchanged, compared to its average volume of 5,478,839. Corning Incorporated has a 1 year low of $29.71 and a 1 year high of $51.03. The stock has a market capitalization of $40.44 billion, a P/E ratio of 277.82, a P/E/G ratio of 1.54 and a beta of 1.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The company has a 50 day simple moving average of $47.92 and a 200-day simple moving average of $44.36.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the prior year, the firm posted $0.45 EPS. The company’s revenue was up 6.9% compared to the same quarter last year. Analysts anticipate 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.