Newbridge Financial Services Group Inc. Increases Stake in Corning Incorporated (NYSE:GLW)

Newbridge Financial Services Group Inc. grew its stake in Corning Incorporated (NYSE:GLW) by 30.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,618 shares of the electronics maker’s stock after purchasing an additional 5,940 shares during the period. Newbridge Financial Services Group Inc.’s holdings in Corning were worth $1,217,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in GLW. West Oak Capital LLC grew its holdings in Corning by 0.4% during the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after acquiring an additional 215 shares in the last quarter. Buffington Mohr McNeal lifted its stake 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 buying an additional 220 shares during 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 worth $25,000 after purchasing an additional 227 shares during the period. Lake Street Advisors Group LLC lifted its position 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 worth $246,000 after acquiring an additional 232 shares during the period. Finally, Goelzer Investment Management Inc. raised its position 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 buying an additional 236 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Activity

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction dated 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 completion of the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. This 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 in the last ninety days. Company insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on GLW. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Barclays dropped their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. HSBC raised Corning from a “hold” rating to a “buy” rating and upped their target price for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Stock Down 1.2 %

Shares of NYSE GLW opened at $52.99 on Friday. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The firm has a market cap of $45.37 billion, a P/E ratio of 91.36, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The firm’s 50 day moving average price is $49.22 and its 200 day moving average price is $45.93. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

Corning (NYSE:GLW) last issued its quarterly earnings results 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, sell-side analysts anticipate that Corning Incorporated will post 2.33 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.