CHURCHILL MANAGEMENT Corp Sells 1,000 Shares of Corning Incorporated (NYSE:GLW)

CHURCHILL MANAGEMENT Corp lessened its stake in Corning Incorporated (NYSE:GLW) by 2.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 45,342 shares of the electronics maker’s stock after selling 1,000 shares during the quarter. CHURCHILL MANAGEMENT Corp’s holdings in Corning were worth $2,155,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of GLW. Silverberg Bernstein Capital Management LLC bought a new position in shares of Corning during the 4th quarter worth $207,000. Radnor Capital Management LLC boosted its position in Corning by 1.6% during the fourth quarter. Radnor Capital Management LLC now owns 42,290 shares of the electronics maker’s stock worth $2,010,000 after purchasing an additional 655 shares during the period. Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of Corning by 17.2% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 6,543 shares of the electronics maker’s stock worth $311,000 after purchasing an additional 962 shares in the last quarter. Park Avenue Securities LLC increased its stake in shares of Corning by 26.5% in the fourth quarter. Park Avenue Securities LLC now owns 9,212 shares of the electronics maker’s stock worth $438,000 after purchasing an additional 1,927 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its position in shares of Corning by 29.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,468,787 shares of the electronics maker’s stock valued at $69,797,000 after purchasing an additional 329,893 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Up 0.9 %

Shares of GLW opened at $49.24 on Friday. Corning Incorporated has a 1 year low of $29.71 and a 1 year high of $51.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The stock has a 50 day simple moving average of $47.92 and a two-hundred day simple moving average of $44.92. The firm has a market cap of $42.16 billion, a P/E ratio of 289.64, a P/E/G ratio of 1.28 and a beta of 1.04.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.45 EPS. On average, analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Analyst Ratings Changes

GLW has been the subject of a number of recent research reports. Oppenheimer reiterated an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Morgan Stanley lifted 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. Susquehanna raised their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Barclays upped their price target on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $50.77.

Insider Activity

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction 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 $324,213. This represents a 42.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s 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 own 0.40% of the company’s stock.

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.