Foster & Motley Inc. Has $6.01 Million Stock Position in Corning Incorporated (NYSE:GLW)

Foster & Motley Inc. trimmed its stake in Corning Incorporated (NYSE:GLW) by 2.9% in the fourth quarter, HoldingsChannel reports. The firm owned 126,363 shares of the electronics maker’s stock after selling 3,810 shares during the period. Foster & Motley Inc.’s holdings in Corning were worth $6,005,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in GLW. Sound Income Strategies LLC raised its holdings in shares of Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after acquiring an additional 227 shares during the last quarter. City Holding Co. lifted its position in shares of Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares in the last quarter. Rosenberg Matthew Hamilton boosted its stake in shares of Corning by 202.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after buying an additional 500 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new position in Corning in the fourth quarter worth $40,000. Finally, Cassady Schiller Wealth Management LLC purchased a new position in shares of Corning in the 3rd quarter worth about $39,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on GLW shares. Morgan Stanley increased their target price on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. UBS Group raised their price target on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. raised their price target on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Finally, Citigroup upped their price objective on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $51.23.

Corning Price Performance

GLW stock opened at $49.97 on Thursday. 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 firm has a market cap of $42.78 billion, a P/E ratio of 293.93, a P/E/G ratio of 1.46 and a beta of 1.04. The firm’s fifty day moving average is $48.62 and its 200 day moving average is $45.57. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33.

Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. Research analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

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.