Park Avenue Securities LLC Boosts Stock Position in Corning Incorporated (NYSE:GLW)

Park Avenue Securities LLC grew its stake in shares of Corning Incorporated (NYSE:GLW) by 26.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,212 shares of the electronics maker’s stock after purchasing an additional 1,927 shares during the period. Park Avenue Securities LLC’s holdings in Corning were worth $438,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Northstar Advisory Group LLC boosted its holdings in Corning by 258.4% in the fourth quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock worth $5,883,000 after acquiring an additional 89,268 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Corning by 48.4% in the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock worth $8,975,000 after buying an additional 62,514 shares during the last quarter. FMR LLC lifted its position in Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares in the last quarter. MBB Public Markets I LLC increased its holdings in Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after acquiring an additional 57,800 shares in the last quarter. Finally, First Financial Bank Trust Division boosted its holdings in Corning by 27.5% in the 4th quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock worth $6,565,000 after buying an additional 29,790 shares during the period. Institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GLW. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. 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 note on Wednesday, October 30th. Barclays lifted their target price on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Citigroup upped their target price on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Morgan Stanley raised their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.31.

Corning Price Performance

GLW stock opened at $53.96 on Friday. The stock has a market cap of $46.20 billion, a price-to-earnings ratio of 317.40, a PEG ratio of 1.39 and a beta of 1.04. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Corning Incorporated has a fifty-two week low of $30.31 and a fifty-two week high of $54.53. The business has a 50 day moving average price of $48.18 and a 200 day moving average price of $45.36.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business’s revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the business earned $0.45 EPS. Equities research analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Insider Transactions at Corning

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’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 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 disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

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.