International Assets Investment Management LLC Sells 238,727 Shares of Corning Incorporated (NYSE:GLW)

International Assets Investment Management LLC trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 96.3% during the 4th quarter, Holdings Channel reports. The fund owned 9,282 shares of the electronics maker’s stock after selling 238,727 shares during the period. International Assets Investment Management LLC’s holdings in Corning were worth $434,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Acadian Asset Management LLC raised its stake in Corning by 384.5% in the second quarter. Acadian Asset Management LLC now owns 16,779 shares of the electronics maker’s stock worth $650,000 after buying an additional 13,316 shares in the last quarter. Choreo LLC bought a new stake in Corning during the second quarter valued at about $733,000. LPL Financial LLC grew its stake in Corning by 10.4% in the second quarter. LPL Financial LLC now owns 1,085,095 shares of the electronics maker’s stock valued at $42,156,000 after purchasing an additional 102,418 shares during the last quarter. BOKF NA raised its holdings in Corning by 104.8% in the second quarter. BOKF NA now owns 84,387 shares of the electronics maker’s stock worth $3,278,000 after purchasing an additional 43,173 shares in the last quarter. Finally, Vest Financial LLC lifted its position in shares of Corning by 4.4% during the second quarter. Vest Financial LLC now owns 10,740 shares of the electronics maker’s stock valued at $417,000 after buying an additional 452 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Down 1.5 %

NYSE:GLW opened at $47.02 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 is $47.91 and its two-hundred day moving average is $44.70. Corning Incorporated has a 52 week low of $29.71 and a 52 week high of $51.03. The company has a market cap of $40.26 billion, a PE ratio of 276.59, a P/E/G ratio of 1.54 and a beta of 1.04.

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

Wall Street Analyst Weigh In

GLW has been the subject of a number of analyst reports. JPMorgan Chase & Co. increased their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. UBS Group upped their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Morgan Stanley raised their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Finally, Susquehanna upped their price objective on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average target price of $50.77.

Insiders Place Their Bets

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction dated 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 sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. This represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’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 owned by insiders.

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.