Stonegate Investment Group LLC Purchases New Holdings in Corning Incorporated (NYSE:GLW)

Stonegate Investment Group LLC purchased a new stake in Corning Incorporated (NYSE:GLW) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 4,371 shares of the electronics maker’s stock, valued at approximately $208,000.

Other institutional investors have also made changes to their positions in the company. Sound Income Strategies LLC lifted its stake in Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares during the last quarter. City Holding Co. increased its holdings in shares of Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after buying an additional 600 shares in the last quarter. Rosenberg Matthew Hamilton increased its holdings in shares of Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after buying an additional 500 shares in the last quarter. Cassady Schiller Wealth Management LLC acquired a new position in shares of Corning during the third quarter worth $39,000. Finally, RPg Family Wealth Advisory LLC acquired a new position in shares of Corning during the third quarter worth $40,000. 69.80% of the stock is currently owned by institutional investors.

Insider Transactions at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on GLW shares. 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 report on Wednesday, October 30th. JPMorgan Chase & Co. upped their price target 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 lowered their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday. Morgan Stanley increased their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Finally, Oppenheimer restated an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.23.

Corning Stock Performance

Shares of GLW opened at $49.97 on Thursday. 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 stock has a market capitalization of $42.78 billion, a P/E ratio of 293.93, a price-to-earnings-growth ratio of 1.46 and a beta of 1.04. The firm’s fifty day simple moving average is $48.62 and its two-hundred day simple moving average is $45.57. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. As a group, analysts predict that Corning Incorporated will post 1.95 EPS for the current 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.