Magnus Financial Group LLC Purchases Shares of 6,475 Corning Incorporated (NYSE:GLW)

Magnus Financial Group LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 6,475 shares of the electronics maker’s stock, valued at approximately $308,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GLW. Viking Fund Management LLC lifted its holdings in Corning by 8.7% during the 4th quarter. Viking Fund Management LLC now owns 250,000 shares of the electronics maker’s stock valued at $11,880,000 after purchasing an additional 20,000 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Corning by 223.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 856,878 shares of the electronics maker’s stock valued at $40,719,000 after acquiring an additional 592,187 shares during the last quarter. Simon Quick Advisors LLC boosted its holdings in shares of Corning by 34.2% in the 4th quarter. Simon Quick Advisors LLC now owns 6,113 shares of the electronics maker’s stock worth $290,000 after acquiring an additional 1,558 shares in the last quarter. Sheets Smith Wealth Management bought a new stake in Corning during the 4th quarter worth approximately $207,000. Finally, Atomi Financial Group Inc. increased its holdings in Corning by 31.2% during the 4th quarter. Atomi Financial Group Inc. now owns 6,295 shares of the electronics maker’s stock valued at $299,000 after purchasing an additional 1,497 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on GLW shares. Citigroup increased their target price on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday. Barclays increased their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft boosted their target price 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. 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. Finally, StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $51.31.

Insider Transactions at Corning

In other Corning news, 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 transaction of $241,950.00. Following the transaction, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction dated Monday, November 25th. The stock was 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. Insiders own 0.40% of the company’s stock.

Corning Trading Up 4.8 %

NYSE GLW opened at $54.01 on Thursday. Corning Incorporated has a 12 month low of $30.30 and a 12 month high of $54.33. The stock has a 50-day simple moving average of $48.05 and a 200 day simple moving average of $45.25. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $46.24 billion, a PE ratio of 317.69, a P/E/G ratio of 1.39 and a beta of 1.04.

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

Corning Company 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.