Beacon Investment Advisory Services Inc. Decreases Stake in Corning Incorporated (NYSE:GLW)

Beacon Investment Advisory Services Inc. cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 11.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,215 shares of the electronics maker’s stock after selling 2,200 shares during the quarter. Beacon Investment Advisory Services Inc.’s holdings in Corning were worth $771,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC raised its holdings in Corning by 3.2% during the 4th quarter. Janney Montgomery Scott LLC now owns 417,631 shares of the electronics maker’s stock valued at $19,846,000 after acquiring an additional 12,945 shares during the period. Magnus Financial Group LLC purchased a new position in shares of Corning in the fourth quarter valued at $308,000. Viking Fund Management LLC grew its position in shares of Corning by 8.7% in the fourth quarter. Viking Fund Management LLC now owns 250,000 shares of the electronics maker’s stock valued at $11,880,000 after purchasing an additional 20,000 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in Corning by 223.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 856,878 shares of the electronics maker’s stock worth $40,719,000 after purchasing an additional 592,187 shares in the last quarter. Finally, Simon Quick Advisors LLC boosted its stake in Corning by 34.2% in the 4th quarter. Simon Quick Advisors LLC now owns 6,113 shares of the electronics maker’s stock worth $290,000 after purchasing an additional 1,558 shares during the period. Institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GLW. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. JPMorgan Chase & Co. upped their target price on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Barclays raised their price target on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Citigroup upped their price target on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Oppenheimer reiterated an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.31.

Insider Activity at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was 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 approximately $324,213. The trade was a 42.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’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. 0.40% of the stock is owned by insiders.

Corning Price Performance

GLW opened at $53.96 on Friday. The stock has a market capitalization of $46.20 billion, a P/E ratio of 317.40, a PEG ratio of 1.46 and a beta of 1.04. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12-month low of $30.31 and a 12-month high of $54.53. The stock has a 50-day moving average price of $48.18 and a 200-day moving average price of $45.36.

Corning (NYSE:GLW) last issued its 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. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. Corning’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.45 earnings per share. Equities analysts predict that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Company 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.