Burns J W & Co. Inc. NY Has $592,000 Stock Holdings in Corning Incorporated (NYSE:GLW)

Burns J W & Co. Inc. NY lowered its position in shares of Corning Incorporated (NYSE:GLW) by 6.0% in the fourth quarter, HoldingsChannel reports. The firm owned 12,468 shares of the electronics maker’s stock after selling 792 shares during the period. Burns J W & Co. Inc. NY’s holdings in Corning were worth $592,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its holdings in shares of Corning by 0.3% during the third quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock worth $1,771,029,000 after buying an additional 133,214 shares in the last quarter. State Street Corp increased its holdings in Corning by 3.8% during the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after purchasing an additional 1,242,718 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Corning by 4.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock valued at $401,826,000 after purchasing an additional 426,864 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Corning by 0.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock worth $219,116,000 after purchasing an additional 38,168 shares in the last quarter. Finally, FMR LLC grew its holdings in shares of 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 purchasing an additional 1,285,836 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Trading Down 1.1 %

Shares of Corning stock traded down $0.50 during trading hours on Monday, hitting $46.62. The company’s stock had a trading volume of 4,474,749 shares, compared to its average volume of 3,938,741. The company has a market capitalization of $39.92 billion, a PE ratio of 274.24, a price-to-earnings-growth ratio of 1.54 and a beta of 1.04. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The stock has a 50 day moving average of $47.91 and a 200 day moving average of $44.73. Corning Incorporated has a 12 month low of $29.71 and a 12 month high of $51.03.

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

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $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.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on GLW. UBS Group upped their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Morgan Stanley upped their target price on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. JPMorgan Chase & Co. raised their price target on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Barclays upped their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Finally, Bank of America lifted their target price on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.77.

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.