Bangor Savings Bank Acquires 606 Shares of Corning Incorporated (NYSE:GLW)

Bangor Savings Bank increased its stake in Corning Incorporated (NYSE:GLW) by 1.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 36,695 shares of the electronics maker’s stock after purchasing an additional 606 shares during the quarter. Bangor Savings Bank’s holdings in Corning were worth $1,744,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. City Holding Co. lifted its position in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares in the last quarter. Cassady Schiller Wealth Management LLC bought a new stake in Corning during the 3rd quarter worth approximately $39,000. RPg Family Wealth Advisory LLC purchased a new position in Corning during the third quarter valued at approximately $40,000. Global Trust Asset Management LLC lifted its holdings in Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 900 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Corning in the third quarter worth approximately $45,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Price Performance

GLW stock opened at $48.25 on Tuesday. Corning Incorporated has a 52 week low of $29.71 and a 52 week high of $51.03. The firm has a market capitalization of $41.31 billion, a P/E ratio of 283.82, a price-to-earnings-growth ratio of 1.54 and a beta of 1.04. The company has a fifty day simple moving average of $47.97 and a two-hundred day simple moving average of $44.52. The company has a quick ratio of 1.05, a current ratio of 1.66 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 net margin of 1.24% and a return on equity of 13.45%. The firm had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the firm earned $0.45 EPS. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. Analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently weighed in on GLW. Bank of America lifted their target price on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. JPMorgan Chase & Co. boosted their price objective on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Susquehanna increased their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Barclays lifted their target price on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Finally, Oppenheimer restated an “outperform” rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $50.77.

Insider Activity

In other 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 value of $241,950.00. Following the sale, the senior vice president now 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 legal filing with the SEC, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

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.