Donoghue Forlines LLC Takes $2.13 Million Position in Corning Incorporated (NYSE:GLW)

Donoghue Forlines LLC bought a new stake in Corning Incorporated (NYSE:GLW) in the fourth quarter, Holdings Channel.com reports. The institutional investor bought 44,855 shares of the electronics maker’s stock, valued at approximately $2,132,000. Corning makes up approximately 0.7% of Donoghue Forlines LLC’s portfolio, making the stock its 14th biggest position.

Other institutional investors have also added to or reduced their stakes in the company. Northstar Advisory Group LLC lifted its stake in shares of Corning by 258.4% in the fourth quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock valued at $5,883,000 after buying an additional 89,268 shares in the last quarter. Franklin Resources Inc. lifted its stake in Corning by 48.4% in the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock valued at $8,975,000 after purchasing an additional 62,514 shares during the last quarter. FMR LLC raised its stake in shares of 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 buying an additional 1,285,836 shares during the period. MBB Public Markets I LLC lifted its holdings in Corning by 806.7% during the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after purchasing an additional 57,800 shares during the last quarter. Finally, First Financial Bank Trust Division raised its position in shares of Corning by 27.5% in the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock valued at $6,565,000 after purchasing an additional 29,790 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on GLW shares. Citigroup lifted their price target on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday. Morgan Stanley raised their price target on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft raised their price target on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. boosted their price target on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Finally, Barclays increased their target price on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $51.31.

Corning Stock Performance

Shares of GLW stock opened at $53.91 on Thursday. Corning Incorporated has a 12 month low of $30.31 and a 12 month high of $54.33. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The company’s fifty day moving average price is $48.18 and its 200-day moving average price is $45.36. The stock has a market cap of $46.16 billion, a PE ratio of 317.51, a price-to-earnings-growth ratio of 1.39 and a beta of 1.04.

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

Insider Buying and Selling at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction on 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 transaction, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

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.