West Oak Capital LLC lowered its holdings in Corning Incorporated (NYSE:GLW) by 5.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,192 shares of the electronics maker’s stock after selling 2,570 shares during the period. West Oak Capital LLC’s holdings in Corning were worth $1,574,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in GLW. Beach Investment Management LLC. acquired a new stake in Corning during the 2nd quarter valued at $261,000. Cobblestone Capital Advisors LLC NY acquired a new stake in Corning during the 2nd quarter valued at $205,000. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Corning by 1.6% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,210,308 shares of the electronics maker’s stock valued at $96,470,000 after purchasing an additional 49,474 shares in the last quarter. MAI Capital Management grew its holdings in Corning by 0.6% during the 2nd quarter. MAI Capital Management now owns 17,032 shares of the electronics maker’s stock valued at $512,000 after purchasing an additional 95 shares in the last quarter. Finally, RFG Advisory Group LLC acquired a new stake in Corning during the 2nd quarter valued at $244,000. 72.11% of the stock is owned by institutional investors.
GLW has been the subject of a number of recent analyst reports. Guggenheim reaffirmed a “buy” rating and set a $35.00 price target on shares of Corning in a report on Thursday, September 21st. Jefferies Group reaffirmed a “hold” rating and set a $29.50 price target on shares of Corning in a report on Friday, October 6th. Zacks Investment Research lowered shares of Corning from a “hold” rating to a “sell” rating in a report on Friday, October 20th. Oppenheimer reissued a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Finally, Deutsche Bank raised their price objective on shares of Corning from $33.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, October 25th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Corning has a consensus rating of “Hold” and an average price target of $29.76.
In other news, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the firm’s stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $32.42, for a total value of $1,675,335.92. Following the transaction, the insider now directly owns 136,032 shares in the company, valued at approximately $4,410,157.44. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Wendell P. Weeks sold 248,857 shares of the firm’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $31.37, for a total transaction of $7,806,644.09. Following the completion of the transaction, the chief executive officer now owns 65,333 shares in the company, valued at $2,049,496.21. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 348,320 shares of company stock worth $10,996,824. Insiders own 0.59% of the company’s stock.
Corning Incorporated (GLW) traded down $0.12 during trading on Friday, hitting $33.64. 6,174,482 shares of the stock were exchanged, compared to its average volume of 5,981,469. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.14 and a current ratio of 2.69. Corning Incorporated has a one year low of $24.13 and a one year high of $33.89. The company has a market cap of $29,240.00, a P/E ratio of 14.31, a P/E/G ratio of 2.76 and a beta of 1.33.
Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.02. Corning had a net margin of 24.98% and a return on equity of 11.53%. The company had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.59 billion. During the same period last year, the firm posted $0.42 EPS. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. equities analysts expect that Corning Incorporated will post 1.7 EPS for the current year.
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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