DB Fitzpatrick & Co Inc Decreases Position in Corning Incorporated (NYSE:GLW)

DB Fitzpatrick & Co Inc lowered its position in Corning Incorporated (NYSE:GLW) by 1.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,521 shares of the electronics maker’s stock after selling 540 shares during the quarter. Corning accounts for approximately 1.4% of DB Fitzpatrick & Co Inc’s holdings, making the stock its 20th biggest holding. DB Fitzpatrick & Co Inc’s holdings in Corning were worth $1,498,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in GLW. City Holding Co. grew its stake in Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 600 shares during the last quarter. Rosenberg Matthew Hamilton lifted its holdings in shares of Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 500 shares in the last quarter. Cassady Schiller Wealth Management LLC acquired a new stake in shares of Corning in the third quarter valued at approximately $39,000. RPg Family Wealth Advisory LLC purchased a new position in shares of Corning during the 3rd quarter worth approximately $40,000. Finally, Global Trust Asset Management LLC raised its position in shares of Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

GLW has been the subject of several recent research reports. Morgan Stanley raised their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Bank of America lifted their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. UBS Group upped their target price on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Barclays lifted their price target on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Finally, Susquehanna upped their price objective on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.77.

Corning Stock Performance

NYSE:GLW opened at $49.83 on Friday. Corning Incorporated has a fifty-two week low of $29.82 and a fifty-two week high of $51.03. The firm’s 50 day moving average is $47.96 and its two-hundred day moving average is $44.99. The company has a market cap of $42.66 billion, a P/E ratio of 293.12, a P/E/G ratio of 1.28 and a beta of 1.04. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion for 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 firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.45 earnings per share. Analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Insider Transactions at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was 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 through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.45% of the company’s stock.

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.