PFG Investments LLC Sells 4,117 Shares of Corning Incorporated (NYSE:GLW)

PFG Investments LLC decreased its holdings in Corning Incorporated (NYSE:GLW) by 5.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 73,889 shares of the electronics maker’s stock after selling 4,117 shares during the period. PFG Investments LLC’s holdings in Corning were worth $3,511,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its holdings in shares of Corning by 3.9% in the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 48,986 shares of the electronics maker’s stock worth $2,328,000 after acquiring an additional 1,830 shares during the period. Jamison Private Wealth Management Inc. grew its holdings in shares of Corning by 4.1% in the fourth quarter. Jamison Private Wealth Management Inc. now owns 75,755 shares of the electronics maker’s stock worth $3,600,000 after acquiring an additional 2,983 shares during the period. Smith Chas P & Associates PA Cpas bought a new stake in shares of Corning in the fourth quarter worth $202,000. Flagship Harbor Advisors LLC grew its holdings in shares of Corning by 18.2% in the fourth quarter. Flagship Harbor Advisors LLC now owns 8,456 shares of the electronics maker’s stock worth $402,000 after acquiring an additional 1,302 shares during the period. Finally, Insight Inv LLC grew its holdings in shares of Corning by 1.3% in the fourth quarter. Insight Inv LLC now owns 42,448 shares of the electronics maker’s stock worth $2,017,000 after acquiring an additional 528 shares during the period. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Shares of Corning stock opened at $54.22 on Monday. The stock has a 50 day moving average of $48.47 and a 200 day moving average of $45.50. Corning Incorporated has a 12 month low of $30.51 and a 12 month high of $54.53. The firm has a market cap of $46.43 billion, a PE ratio of 318.96, a PEG 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.

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

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’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 transaction of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company’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. Company insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on GLW. JPMorgan Chase & Co. lifted their price objective on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Citigroup lifted their target price on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Morgan Stanley lifted their target price on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. UBS Group lifted their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Oppenheimer reiterated an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and a consensus target price of $51.31.

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.