RNC Capital Management LLC Decreases Stock Holdings in Corning Incorporated (NYSE:GLW)

RNC Capital Management LLC lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 30.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 785,190 shares of the electronics maker’s stock after selling 349,729 shares during the period. Corning comprises 2.0% of RNC Capital Management LLC’s portfolio, making the stock its 25th largest holding. RNC Capital Management LLC owned 0.09% of Corning worth $37,312,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in GLW. Czech National Bank boosted its holdings in Corning by 6.8% during the third quarter. Czech National Bank now owns 156,883 shares of the electronics maker’s stock worth $7,083,000 after buying an additional 9,970 shares in the last quarter. GAMMA Investing LLC raised its position in Corning by 236.7% during the third quarter. GAMMA Investing LLC now owns 6,875 shares of the electronics maker’s stock worth $310,000 after acquiring an additional 4,833 shares during the last quarter. Mather Group LLC. raised its position in Corning by 17.8% during the third quarter. Mather Group LLC. now owns 2,630 shares of the electronics maker’s stock worth $119,000 after acquiring an additional 398 shares during the last quarter. Atomi Financial Group Inc. acquired a new position in Corning during the third quarter worth about $217,000. Finally, City Holding Co. raised its position in Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 600 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Up 0.7 %

NYSE GLW opened at $53.66 on Friday. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The company has a market capitalization of $45.94 billion, a price-to-earnings ratio of 92.52, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03. The company’s fifty day moving average price is $49.02 and its two-hundred day moving average price is $45.83.

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

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction on Friday, November 22nd. The shares were 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 of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the sale, the chief operating officer now directly owns 152,944 shares in the company, valued at $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. Over the last three months, insiders have sold 46,085 shares of company stock valued at $2,345,436. Company insiders own 0.45% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. JPMorgan Chase & Co. lifted their target price 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 raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Barclays cut their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Citigroup boosted their price objective on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Finally, Morgan Stanley boosted their price objective on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $53.00.

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.