Corning Incorporated (NYSE:GLW) Shares Sold by Sonora Investment Management Group LLC

Sonora Investment Management Group LLC decreased its position in Corning Incorporated (NYSE:GLW) by 3.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 70,346 shares of the electronics maker’s stock after selling 2,200 shares during the quarter. Sonora Investment Management Group LLC’s holdings in Corning were worth $3,343,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in GLW. Crews Bank & Trust bought a new stake in Corning during the fourth quarter valued at $1,075,000. OLD Second National Bank of Aurora raised its stake in Corning by 2.3% during the fourth quarter. OLD Second National Bank of Aurora now owns 37,932 shares of the electronics maker’s stock worth $1,803,000 after acquiring an additional 857 shares during the period. OLD National Bancorp IN boosted its stake in Corning by 4.0% in the fourth quarter. OLD National Bancorp IN now owns 17,994 shares of the electronics maker’s stock valued at $855,000 after acquiring an additional 699 shares during the period. Hanson & Doremus Investment Management boosted its position in Corning by 1.7% during the 4th quarter. Hanson & Doremus Investment Management now owns 144,934 shares of the electronics maker’s stock valued at $6,887,000 after purchasing an additional 2,434 shares during the period. Finally, Valicenti Advisory Services Inc. grew its stake in Corning by 19.2% during the 4th quarter. Valicenti Advisory Services Inc. now owns 156,821 shares of the electronics maker’s stock worth $7,452,000 after buying an additional 25,305 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

GLW has been the subject of several recent research reports. UBS Group upped their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and raised their price target for the company from $51.00 to $60.00 in a research note on Thursday. Oppenheimer reiterated an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Morgan Stanley raised their target price on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Finally, Citigroup boosted their price target on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Insider Activity at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the business’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 transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Corning Price Performance

NYSE GLW opened at $49.93 on Friday. The business’s fifty day moving average is $48.67 and its two-hundred day moving average is $45.60. The stock has a market capitalization of $42.75 billion, a P/E ratio of 86.08, a P/E/G ratio of 1.35 and a beta of 1.04. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.01% and a net margin of 3.86%. On average, research analysts forecast that Corning Incorporated will post 2.3 earnings per share for the current fiscal year.

About Corning

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.