Wilmington Savings Fund Society FSB Has $16.94 Million Stake in Corning Incorporated (NYSE:GLW)

Wilmington Savings Fund Society FSB lessened its holdings in Corning Incorporated (NYSE:GLW) by 2.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 356,411 shares of the electronics maker’s stock after selling 9,201 shares during the quarter. Wilmington Savings Fund Society FSB’s holdings in Corning were worth $16,937,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of GLW. FMR LLC lifted its stake in Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after acquiring an additional 1,285,836 shares during the last quarter. State Street Corp raised its holdings in shares of Corning by 3.8% in the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after purchasing an additional 1,242,718 shares during the period. Los Angeles Capital Management LLC lifted its stake in Corning by 215.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock valued at $75,740,000 after purchasing an additional 1,145,955 shares during the last quarter. Pathway Financial Advisers LLC grew its holdings in Corning by 4,306.9% during the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock worth $47,428,000 after purchasing an additional 1,026,626 shares during the period. Finally, Conning Inc. increased its position in Corning by 14,556.8% during the third quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock worth $39,778,000 after buying an additional 875,008 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Trading Down 1.2 %

Shares of GLW stock opened at $52.99 on Friday. The stock has a market cap of $45.37 billion, a P/E ratio of 91.36, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The stock has a 50 day simple moving average of $49.13 and a 200 day simple moving average of $45.88.

Corning (NYSE:GLW) last released its 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 15.10% and a net margin of 3.86%. On average, research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were 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 Securities & Exchange Commission, which is available through this link. Also, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value 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 approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,085 shares of company stock valued at $2,345,436 over the last quarter. 0.40% of the stock is owned by company insiders.

Analyst Ratings Changes

GLW has been the subject of a number of recent analyst reports. Citigroup raised their price objective on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Barclays reduced their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and raised their target price for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $53.00.

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.