Corning Incorporated (NYSE:GLW) Shares Sold by Jacobs & Co. CA

Jacobs & Co. CA reduced its stake in Corning Incorporated (NYSE:GLW) by 10.1% during the 4th quarter, HoldingsChannel.com reports. The fund owned 52,238 shares of the electronics maker’s stock after selling 5,870 shares during the quarter. Jacobs & Co. CA’s holdings in Corning were worth $2,482,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Acadian Asset Management LLC increased its stake in Corning by 384.5% during the 2nd quarter. Acadian Asset Management LLC now owns 16,779 shares of the electronics maker’s stock worth $650,000 after buying an additional 13,316 shares during the period. Prudential PLC boosted its holdings in shares of Corning by 85.8% in the 2nd quarter. Prudential PLC now owns 16,274 shares of the electronics maker’s stock valued at $632,000 after buying an additional 7,515 shares in the last quarter. Choreo LLC acquired a new position in shares of Corning in the 2nd quarter valued at $733,000. Royal London Asset Management Ltd. boosted its holdings in shares of Corning by 0.8% in the 2nd quarter. Royal London Asset Management Ltd. now owns 264,007 shares of the electronics maker’s stock valued at $10,257,000 after buying an additional 2,032 shares in the last quarter. Finally, Daiwa Securities Group Inc. boosted its holdings in shares of Corning by 9.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 86,870 shares of the electronics maker’s stock valued at $3,375,000 after buying an additional 7,830 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Oppenheimer restated an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Barclays increased their price target on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. UBS Group increased their price target 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. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Finally, Bank of America increased their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $50.77.

Corning Price Performance

Shares of GLW traded down $0.65 during trading hours on Friday, reaching $47.08. The company had a trading volume of 1,464,280 shares, compared to its average volume of 3,337,332. The firm has a 50 day simple moving average of $47.94 and a 200-day simple moving average of $44.65. 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 $40.31 billion, a price-to-earnings ratio of 276.94, a PEG ratio of 1.54 and a beta of 1.04. Corning Incorporated has a 12-month low of $29.71 and a 12-month high of $51.03.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (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 business 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 posted $0.45 EPS. The business’s revenue was up 6.9% compared to the same quarter last year. Research analysts expect that Corning Incorporated will post 1.95 earnings per share for the current year.

Insider Buying and Selling at Corning

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 transaction of $435,722.84. The sale was disclosed in a 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 that occurred on Friday, November 22nd. The stock was 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 $324,213. This represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

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.