Conning Inc. Sells 145,035 Shares of Corning Incorporated (NYSE:GLW)

Conning Inc. lessened its position in shares of Corning Incorporated (NYSE:GLW) by 16.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 735,984 shares of the electronics maker’s stock after selling 145,035 shares during the period. Conning Inc. owned about 0.09% of Corning worth $34,974,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Northstar Advisory Group LLC increased its holdings in Corning by 258.4% during the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock worth $5,883,000 after purchasing an additional 89,268 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Corning by 48.4% in the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock valued at $8,975,000 after acquiring an additional 62,514 shares in the last quarter. FMR LLC grew its holdings in shares of Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after acquiring an additional 1,285,836 shares in the last quarter. Fifth Third Bancorp grew its holdings in shares of Corning by 16.8% in the 4th quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock valued at $5,296,000 after acquiring an additional 16,001 shares in the last quarter. Finally, First Financial Bank Trust Division grew its holdings in shares of Corning by 27.5% in the 4th quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock valued at $6,565,000 after acquiring an additional 29,790 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Trading Down 1.2 %

Shares of NYSE:GLW opened at $52.99 on Friday. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The stock has a market cap of $45.37 billion, a PE ratio of 91.36, a P/E/G ratio of 1.55 and a beta of 1.03. The business has a 50 day moving average of $49.13 and a 200-day moving average of $45.88. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. As a group, equities research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Oppenheimer restated 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. HSBC upgraded Corning from a “hold” rating to a “buy” rating and raised their price objective for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Finally, JPMorgan Chase & Co. lifted their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Three 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Insider Transactions at Corning

In other news, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 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 stock was 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 sold a total of 46,085 shares of company stock worth $2,345,436 over the last quarter. Company insiders own 0.40% of the company’s stock.

Corning 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.