R Squared Ltd Invests $77,000 in Corning Incorporated (NYSE:GLW)

R Squared Ltd acquired a new position in Corning Incorporated (NYSE:GLW) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 1,610 shares of the electronics maker’s stock, valued at approximately $77,000.

Several other large investors have also recently modified their holdings of GLW. FMR LLC increased its holdings in shares of Corning by 52.8% in the third 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 period. State Street Corp increased its holdings in shares of Corning by 3.8% in the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after buying an additional 1,242,718 shares during the period. Los Angeles Capital Management LLC increased its holdings in shares of Corning by 215.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after buying an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC increased its holdings 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 period. Finally, Conning Inc. increased its holdings in Corning by 14,556.8% during the 3rd quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock valued at $39,778,000 after purchasing an additional 875,008 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on GLW. HSBC upgraded Corning from a “hold” rating to a “buy” rating and boosted their price target for the company from $51.00 to $60.00 in a report on Thursday. UBS Group boosted their price target on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft boosted their price target on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Citigroup boosted their price target on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Finally, Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Stock Performance

Shares of GLW opened at $52.11 on Friday. 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 business’s 50 day moving average price is $48.71 and its 200-day moving average price is $45.63. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The stock has a market cap of $44.61 billion, a P/E ratio of 89.84, a P/E/G ratio of 1.35 and a beta of 1.04.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping 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%. Equities research analysts anticipate that Corning Incorporated will post 2.3 earnings per share for the current fiscal year.

Insider Activity at Corning

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,085 shares of company stock valued at $787,836. 0.40% of the stock is owned by corporate 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.