Cohen Klingenstein LLC Sells 8,650 Shares of Corning Incorporated (NYSE:GLW)

Cohen Klingenstein LLC reduced its stake in Corning Incorporated (NYSE:GLW) by 14.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,930 shares of the electronics maker’s stock after selling 8,650 shares during the period. Cohen Klingenstein LLC’s holdings in Corning were worth $2,373,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently modified their holdings of the company. Verity & Verity LLC lifted its holdings in shares of Corning by 2.8% in the fourth quarter. Verity & Verity LLC now owns 664,274 shares of the electronics maker’s stock worth $31,566,000 after acquiring an additional 17,793 shares during the last quarter. Merit Financial Group LLC increased its stake in shares of Corning by 24.3% in the fourth quarter. Merit Financial Group LLC now owns 10,910 shares of the electronics maker’s stock valued at $518,000 after buying an additional 2,135 shares during the period. Avanza Fonder AB bought a new position in shares of Corning during the fourth quarter valued at $3,901,000. Wealthcare Advisory Partners LLC grew its stake in shares of Corning by 12.3% in the fourth quarter. Wealthcare Advisory Partners LLC now owns 34,027 shares of the electronics maker’s stock worth $1,617,000 after purchasing an additional 3,716 shares during the last quarter. Finally, KMG Fiduciary Partners LLC raised its position in Corning by 8.8% during the 4th quarter. KMG Fiduciary Partners LLC now owns 48,376 shares of the electronics maker’s stock worth $2,299,000 after purchasing an additional 3,904 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

Shares of GLW stock opened at $49.83 on Friday. The company has a market capitalization of $42.66 billion, a P/E ratio of 293.12, a PEG ratio of 1.28 and a beta of 1.04. Corning Incorporated has a fifty-two week low of $29.82 and a fifty-two week high of $51.03. 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 stock has a 50 day moving average price of $47.96 and a two-hundred day moving average price of $44.99.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share 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 analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business’s revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the business posted $0.45 EPS. Analysts expect that Corning Incorporated will post 1.95 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft raised their price target on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Barclays increased their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Finally, Morgan Stanley boosted their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $50.77.

Insider Activity at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s 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 completion of the sale, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. This trade represents a 42.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on Monday, November 25th. The shares were 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. 0.45% of the stock is currently owned by corporate insiders.

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.