Socha Financial Group LLC Has $2.85 Million Stock Position in Corning Incorporated (NYSE:GLW)

Socha Financial Group LLC increased its position in shares of Corning Incorporated (NYSE:GLW) by 13.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 59,962 shares of the electronics maker’s stock after acquiring an additional 7,264 shares during the quarter. Corning comprises approximately 1.3% of Socha Financial Group LLC’s investment portfolio, making the stock its 9th biggest holding. Socha Financial Group LLC’s holdings in Corning were worth $2,849,000 at the end of the most recent reporting period.

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

Insider Activity

In other Corning news, COO Eric S. Musser sold 30,000 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning 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 completion of the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 46,085 shares of company stock worth $2,345,436. Insiders own 0.45% of the company’s stock.

Corning Stock Performance

GLW opened at $53.66 on Friday. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The business has a fifty day simple moving average of $49.02 and a 200 day simple moving average of $45.83. The company has a market capitalization of $45.94 billion, a PE ratio of 92.52, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03.

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 analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on GLW shares. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and increased their price objective for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Citigroup raised their price target on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. JPMorgan Chase & Co. upped their price objective on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Oppenheimer reissued an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, Barclays dropped their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

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.