River Street Advisors LLC Boosts Stock Holdings in Corning Incorporated (NYSE:GLW)

River Street Advisors LLC grew its stake in shares of Corning Incorporated (NYSE:GLW) by 4.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 18,881 shares of the electronics maker’s stock after buying an additional 741 shares during the period. River Street Advisors LLC’s holdings in Corning were worth $897,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. FMR LLC increased its stake in Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after acquiring an additional 1,285,836 shares during the last quarter. State Street Corp grew its holdings in shares of Corning by 3.8% during the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after purchasing an additional 1,242,718 shares during the period. Los Angeles Capital Management LLC raised its holdings in Corning by 215.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock valued at $75,740,000 after buying an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC lifted its position in Corning by 4,306.9% during the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock valued at $47,428,000 after buying an additional 1,026,626 shares in the last quarter. Finally, Conning Inc. grew its stake in Corning by 14,556.8% during the third quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock worth $39,778,000 after buying an additional 875,008 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. This trade represents a 42.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction that occurred 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. Insiders have sold 16,085 shares of company stock worth $787,836 over the last ninety days. 0.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GLW. Oppenheimer reissued an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Barclays lowered their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday. UBS Group raised their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Corning Stock Performance

Shares of Corning stock opened at $52.11 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The firm’s 50-day simple moving average is $48.78 and its 200-day simple moving average is $45.68. The firm has a market cap of $44.61 billion, a PE ratio of 89.84, a price-to-earnings-growth ratio of 1.35 and a beta of 1.04.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.01% and a net margin of 3.86%. Equities analysts forecast that Corning Incorporated will post 2.3 earnings per share for the current fiscal 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.