Foster & Motley Inc. Sells 3,810 Shares of Corning Incorporated (NYSE:GLW)

Foster & Motley Inc. decreased its position in shares of Corning Incorporated (NYSE:GLW) by 2.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 126,363 shares of the electronics maker’s stock after selling 3,810 shares during the period. Foster & Motley Inc.’s holdings in Corning were worth $6,005,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. West Oak Capital LLC increased its position in Corning by 0.4% during the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after acquiring an additional 215 shares during the period. Buffington Mohr McNeal grew its position in shares of Corning by 2.1% during the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock worth $497,000 after purchasing an additional 220 shares in the last quarter. Sound Income Strategies LLC grew its position in shares of Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares in the last quarter. Lake Street Advisors Group LLC increased its holdings in shares of Corning by 4.5% during the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after purchasing an additional 232 shares during the period. Finally, Goelzer Investment Management Inc. raised its position in shares of Corning by 0.4% in the fourth quarter. Goelzer Investment Management Inc. now owns 65,816 shares of the electronics maker’s stock valued at $3,128,000 after buying an additional 236 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analysts Set New Price Targets

GLW has been the topic of a number of analyst reports. Morgan Stanley increased their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Oppenheimer reissued an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. JPMorgan Chase & Co. boosted their price target on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. UBS Group increased their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, StockNews.com raised shares of 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 stock. According to MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and a consensus target price of $51.23.

Corning Price Performance

GLW stock opened at $49.97 on Thursday. The stock has a market cap of $42.78 billion, a price-to-earnings ratio of 293.93, a P/E/G ratio of 1.46 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 company has a 50 day simple moving average of $48.62 and a 200 day simple moving average of $45.57. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33.

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

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction that occurred on 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s 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 transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

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.