Piscataqua Savings Bank Lowers Position in Corning Incorporated (NYSE:GLW)

Piscataqua Savings Bank reduced its stake in Corning Incorporated (NYSE:GLW) by 2.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 28,135 shares of the electronics maker’s stock after selling 733 shares during the period. Corning makes up approximately 1.1% of Piscataqua Savings Bank’s portfolio, making the stock its 26th biggest position. Piscataqua Savings Bank’s holdings in Corning were worth $1,337,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of the stock. Public Sector Pension Investment Board lifted its holdings in shares of Corning by 111.5% in the 2nd quarter. Public Sector Pension Investment Board now owns 24,424 shares of the electronics maker’s stock worth $949,000 after acquiring an additional 12,875 shares during the last quarter. MBB Public Markets I LLC raised its position in Corning by 806.7% in the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after purchasing an additional 57,800 shares during the period. Millennium Management LLC lifted its stake in Corning by 117.1% during the second quarter. Millennium Management LLC now owns 926,249 shares of the electronics maker’s stock worth $35,985,000 after purchasing an additional 499,595 shares in the last quarter. Creative Planning boosted its position in shares of Corning by 37.8% during the second quarter. Creative Planning now owns 247,305 shares of the electronics maker’s stock worth $9,608,000 after buying an additional 67,856 shares during the period. Finally, NewEdge Advisors LLC grew its stake in shares of Corning by 58.4% in the second quarter. NewEdge Advisors LLC now owns 90,442 shares of the electronics maker’s stock valued at $3,514,000 after buying an additional 33,333 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on GLW shares. Barclays raised their target price on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Morgan Stanley lifted their price objective on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. UBS Group upped their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.31.

Corning Price Performance

Shares of NYSE:GLW opened at $54.22 on Monday. The firm has a market capitalization of $46.43 billion, a price-to-earnings ratio of 318.96, a price-to-earnings-growth ratio of 1.46 and a beta of 1.04. 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 business’s 50 day simple moving average is $48.47 and its 200-day simple moving average is $45.50. Corning Incorporated has a 12 month low of $30.51 and a 12 month high of $54.53.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. Corning’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.45 earnings per share. As a group, equities analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction dated 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 owns 6,700 shares in the company, valued at approximately $324,213. This trade 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 company’s stock in a transaction dated Monday, November 25th. The shares were 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. 0.40% of the stock is currently owned by insiders.

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.