Corning Incorporated (NYSE:GLW) Shares Purchased by Brown Lisle Cummings Inc.

Brown Lisle Cummings Inc. boosted its holdings in shares of Corning Incorporated (NYSE:GLW) by 6.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 18,125 shares of the electronics maker’s stock after buying an additional 1,075 shares during the quarter. Brown Lisle Cummings Inc.’s holdings in Corning were worth $861,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of GLW. West Oak Capital LLC raised its position in shares of Corning by 0.4% during the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after purchasing an additional 215 shares during the last quarter. Buffington Mohr McNeal increased its position in Corning by 2.1% during the fourth quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock worth $497,000 after buying an additional 220 shares in the last quarter. Sound Income Strategies LLC raised its holdings in shares of Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after acquiring an additional 227 shares during the last quarter. Lake Street Advisors Group LLC lifted its position in shares of Corning by 4.5% in the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after acquiring an additional 232 shares in the last quarter. Finally, Goelzer Investment Management Inc. boosted its stake in shares of Corning by 0.4% during the fourth quarter. Goelzer Investment Management Inc. now owns 65,816 shares of the electronics maker’s stock valued at $3,128,000 after acquiring an additional 236 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

GLW has been the subject of several analyst reports. Barclays cut their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Citigroup upped their price objective on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Morgan Stanley lifted their target price on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft increased their price target on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, UBS Group lifted their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Insider Activity at Corning

In other news, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the sale, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 value of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. The trade was 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 sold 46,085 shares of company stock worth $2,345,436. Corporate insiders own 0.45% of the company’s stock.

Corning Stock Performance

NYSE GLW opened at $51.35 on Tuesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33. The firm has a market capitalization of $43.97 billion, a P/E ratio of 88.54, a P/E/G ratio of 1.51 and a beta of 1.03. The business’s 50-day simple moving average is $48.78 and its 200-day simple moving average is $45.67.

Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Equities analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

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.