ST Germain D J Co. Inc. Has $7.81 Million Stock Position in Corning Incorporated (NYSE:GLW)

ST Germain D J Co. Inc. cut its position in shares of Corning Incorporated (NYSE:GLW) by 1.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 164,359 shares of the electronics maker’s stock after selling 2,290 shares during the quarter. ST Germain D J Co. Inc.’s holdings in Corning were worth $7,810,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Acadian Asset Management LLC lifted its holdings in shares of Corning by 384.5% in the second quarter. Acadian Asset Management LLC now owns 16,779 shares of the electronics maker’s stock valued at $650,000 after purchasing an additional 13,316 shares in the last quarter. Prudential PLC lifted its position in shares of Corning by 85.8% in the second quarter. Prudential PLC now owns 16,274 shares of the electronics maker’s stock worth $632,000 after purchasing an additional 7,515 shares in the last quarter. Choreo LLC acquired a new stake in shares of Corning during the second quarter worth approximately $733,000. Royal London Asset Management Ltd. grew its position in Corning by 0.8% during the second quarter. Royal London Asset Management Ltd. now owns 264,007 shares of the electronics maker’s stock valued at $10,257,000 after purchasing an additional 2,032 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its position in Corning by 9.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 86,870 shares of the electronics maker’s stock worth $3,375,000 after buying an additional 7,830 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Corning

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning 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 directly owns 6,700 shares of the company’s stock, valued at $324,213. This represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Corning Stock Performance

Shares of Corning stock traded down $0.69 during midday trading on Friday, hitting $47.04. The company had a trading volume of 828,050 shares, compared to its average volume of 3,234,493. The stock has a market cap of $40.28 billion, a PE ratio of 276.71, a P/E/G ratio of 1.54 and a beta of 1.04. Corning Incorporated has a 1-year low of $29.71 and a 1-year high of $51.03. The business’s 50 day simple moving average is $47.94 and its two-hundred day simple moving average is $44.65. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05.

Corning (NYSE:GLW) last posted its quarterly earnings data 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 company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.45 EPS. As a group, equities analysts predict that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Analyst Ratings Changes

GLW has been the subject of a number of research reports. Susquehanna lifted their price objective on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Oppenheimer reissued an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Morgan Stanley lifted 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. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Finally, Barclays upped their price target on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Corning currently has an average rating of “Moderate Buy” and a consensus price target of $50.77.

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.