Secure Asset Management LLC Makes New Investment in Corning Incorporated (NYSE:GLW)

Secure Asset Management LLC bought a new stake in Corning Incorporated (NYSE:GLW) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 5,716 shares of the electronics maker’s stock, valued at approximately $272,000.

Other large investors have also modified their holdings of the company. FMR LLC increased its stake in Corning by 52.8% in the 3rd 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. State Street Corp increased its stake in shares of Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after acquiring an additional 1,242,718 shares during the period. Los Angeles Capital Management LLC raised its holdings in Corning by 215.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after purchasing an additional 1,145,955 shares in the last quarter. Pathway Financial Advisers LLC lifted its position in Corning by 4,306.9% in the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock valued at $47,428,000 after purchasing an additional 1,026,626 shares during the period. Finally, Conning Inc. increased its position in Corning by 14,556.8% during the 3rd quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock worth $39,778,000 after purchasing an additional 875,008 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on GLW. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. JPMorgan Chase & Co. raised their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. UBS Group upped their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Morgan Stanley raised their price objective on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Finally, Citigroup upped their target price on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and an average price target of $51.31.

Insider Activity

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was 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 in the company, valued at $324,213. This trade represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Corning Price Performance

Shares of NYSE:GLW opened at $54.22 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The business’s fifty day moving average price is $48.47 and its two-hundred day moving average price is $45.48. The stock has a market cap of $46.43 billion, a PE ratio of 318.96, a price-to-earnings-growth ratio of 1.46 and a beta of 1.04. Corning Incorporated has a one year low of $30.51 and a one year high of $54.53.

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

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.