Valicenti Advisory Services Inc. Boosts Stock Position in Corning Incorporated (NYSE:GLW)

Valicenti Advisory Services Inc. lifted its stake in Corning Incorporated (NYSE:GLW) by 19.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 156,821 shares of the electronics maker’s stock after acquiring an additional 25,305 shares during the period. Corning makes up about 1.9% of Valicenti Advisory Services Inc.’s holdings, making the stock its 19th largest holding. Valicenti Advisory Services Inc.’s holdings in Corning were worth $7,452,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in GLW. Wellington Management Group LLP lifted its stake in Corning by 0.3% in the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock worth $1,771,029,000 after purchasing an additional 133,214 shares in the last quarter. State Street Corp raised its position in shares of Corning by 3.8% in the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after buying an additional 1,242,718 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Corning by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock valued at $219,116,000 after buying an additional 38,168 shares during the period. FMR LLC grew its position in Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after buying an additional 1,285,836 shares in the last quarter. Finally, Stifel Financial Corp increased its stake in Corning by 1.9% in the 3rd quarter. Stifel Financial Corp now owns 2,810,435 shares of the electronics maker’s stock worth $126,893,000 after acquiring an additional 52,667 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. UBS Group upped their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, Barclays boosted their price target on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus price target of $51.31.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning 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 sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Corning Trading Up 3.8 %

NYSE GLW opened at $53.17 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $54.53. The stock has a market cap of $45.53 billion, a P/E ratio of 312.38, a price-to-earnings-growth ratio of 1.46 and a beta of 1.04. The stock has a 50 day simple moving average of $48.62 and a two-hundred day simple moving average of $45.57.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. On average, analysts forecast that Corning Incorporated will post 1.95 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.