Olstein Capital Management L.P. Has $6.94 Million Stake in Corning Incorporated (NYSE:GLW)

Olstein Capital Management L.P. lowered its holdings in Corning Incorporated (NYSE:GLW) by 12.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 146,000 shares of the electronics maker’s stock after selling 21,000 shares during the quarter. Olstein Capital Management L.P.’s holdings in Corning were worth $6,938,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Sound Income Strategies LLC raised 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 purchasing an additional 227 shares during the last quarter. City Holding Co. lifted its stake in shares of Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares during the period. Rosenberg Matthew Hamilton grew its position in Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after buying an additional 500 shares in the last quarter. Cassady Schiller Wealth Management LLC bought a new position in Corning during the third quarter valued at about $39,000. Finally, RPg Family Wealth Advisory LLC bought a new stake in shares of Corning during the third quarter valued at approximately $40,000. 69.80% of the stock is owned by institutional investors.

Corning Stock Up 0.5 %

Shares of NYSE GLW opened at $54.22 on Friday. Corning Incorporated has a 1 year low of $30.51 and a 1 year high of $54.53. The firm has a market capitalization of $46.43 billion, a PE ratio of 318.96, a price-to-earnings-growth ratio of 1.46 and a beta of 1.04. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm’s 50-day moving average is $48.47 and its 200-day moving average is $45.48.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. During the same period last year, the company earned $0.45 EPS. The firm’s revenue was up 6.9% on a year-over-year basis. Equities analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. 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. Deutsche Bank Aktiengesellschaft raised their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Citigroup increased their price objective on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Finally, Morgan Stanley lifted their price target on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $51.31.

Insider Activity at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’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 transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the 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. 0.40% of the stock is currently owned by corporate insiders.

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.