WT Asset Management Ltd Purchases Shares of 30,000 Corning Incorporated (NYSE:GLW)

WT Asset Management Ltd purchased a new position in shares of Corning Incorporated (NYSE:GLW) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 30,000 shares of the electronics maker’s stock, valued at approximately $1,426,000.

A number of other large investors also recently modified their holdings of GLW. FMR LLC increased its position in shares of Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after purchasing an additional 1,285,836 shares during the last quarter. State Street Corp grew its stake in shares of Corning by 3.8% in the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after buying an additional 1,242,718 shares in the last quarter. Los Angeles Capital Management LLC increased 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 buying an additional 1,145,955 shares during the last quarter. Pathway Financial Advisers LLC raised its position in Corning by 4,306.9% during the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock worth $47,428,000 after acquiring an additional 1,026,626 shares in the last quarter. Finally, Conning Inc. lifted its stake in Corning by 14,556.8% in the third quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock valued at $39,778,000 after acquiring an additional 875,008 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Up 1.4 %

Shares of GLW opened at $52.08 on Wednesday. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33. The firm’s 50 day moving average is $48.84 and its 200-day moving average is $45.71. The stock has a market capitalization of $44.59 billion, a PE ratio of 89.79, a P/E/G ratio of 1.51 and a beta of 1.03.

Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Equities research analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Insider Buying and Selling

In other news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the sale, the chief operating officer now owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 46,085 shares of company stock worth $2,345,436. Company insiders own 0.45% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Barclays dropped their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. HSBC raised Corning from a “hold” rating to a “buy” rating and raised their price target for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Finally, StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $53.00.

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.