Corning Incorporated (NYSE:GLW) Shares Sold by Jennison Associates LLC

Jennison Associates LLC cut its position in Corning Incorporated (NYSE:GLW) by 2.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 239,889 shares of the electronics maker’s stock after selling 5,674 shares during the quarter. Jennison Associates LLC’s holdings in Corning were worth $11,400,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. West Oak Capital LLC raised its position in shares of Corning by 0.4% in the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after purchasing an additional 215 shares in the last quarter. Buffington Mohr McNeal raised its holdings in Corning by 2.1% in the fourth quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock valued at $497,000 after acquiring an additional 220 shares in the last quarter. Sound Income Strategies LLC boosted its stake in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after acquiring an additional 227 shares during the last quarter. Lake Street Advisors Group LLC boosted its stake in Corning by 4.5% during the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after acquiring an additional 232 shares during the last quarter. Finally, Goelzer Investment Management Inc. grew its holdings in Corning by 0.4% during the 4th quarter. Goelzer Investment Management Inc. now owns 65,816 shares of the electronics maker’s stock worth $3,128,000 after acquiring an additional 236 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GLW has been the topic of several research analyst reports. JPMorgan Chase & Co. increased their price target on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. HSBC raised Corning from a “hold” rating to a “buy” rating and upped their price target for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Finally, StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $53.00.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction that occurred on 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,085 shares of company stock valued at $2,345,436 over the last 90 days. 0.45% of the stock is currently owned by company insiders.

Corning Stock Performance

GLW opened at $53.31 on Thursday. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The business’s 50 day moving average is $48.92 and its 200-day moving average is $45.76. The stock has a market cap of $45.64 billion, a PE ratio of 91.91, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33.

Corning (NYSE:GLW) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, analysts predict that Corning Incorporated will post 2.33 earnings per share for the current 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.