Gateway Investment Advisers LLC Decreases Position in Corning Incorporated (NYSE:GLW)

Gateway Investment Advisers LLC decreased its holdings in Corning Incorporated (NYSE:GLW) by 0.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 332,969 shares of the electronics maker’s stock after selling 265 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Corning were worth $15,823,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. WINTON GROUP Ltd acquired a new position in Corning during the 2nd quarter valued at approximately $203,000. Brown Brothers Harriman & Co. lifted its stake in shares of Corning by 17.3% during the second quarter. Brown Brothers Harriman & Co. now owns 9,287 shares of the electronics maker’s stock worth $361,000 after buying an additional 1,370 shares during the period. Citizens Financial Group Inc. RI purchased a new stake in shares of Corning during the second quarter valued at $266,000. Edgestream Partners L.P. acquired a new position in shares of Corning in the 2nd quarter valued at $1,683,000. Finally, Bradley Foster & Sargent Inc. CT raised its stake in Corning by 1.9% in the 2nd quarter. Bradley Foster & Sargent Inc. CT now owns 25,054 shares of the electronics maker’s stock worth $973,000 after acquiring an additional 462 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on GLW. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Barclays upped their target price on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Susquehanna raised their price target on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. UBS Group lifted their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Corning has a consensus 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 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 transaction of $435,722.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, 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 position. The disclosure for this sale can be found here. 0.45% of the stock is owned by corporate insiders.

Corning Trading Up 0.9 %

GLW stock opened at $49.24 on Friday. Corning Incorporated has a 52-week low of $29.71 and a 52-week high of $51.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The firm has a market cap of $42.16 billion, a P/E ratio of 289.64, a PEG ratio of 1.28 and a beta of 1.04. The company’s 50-day simple moving average is $47.92 and its 200-day simple moving average is $44.92.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 13.45% and a net margin of 1.24%. Corning’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.45 earnings per share. As a group, equities analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal 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.