Corning Incorporated (NYSE:GLW) Shares Sold by Jennison Associates LLC

Jennison Associates LLC reduced its holdings in shares of Corning Incorporated (NYSE:GLW) by 2.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 239,889 shares of the electronics maker’s stock after selling 5,674 shares during the period. Jennison Associates LLC’s holdings in Corning were worth $11,400,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Sound Income Strategies LLC grew its holdings in shares of 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 buying an additional 227 shares during the last quarter. City Holding Co. lifted its stake in shares of Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 600 shares during the period. Rosenberg Matthew Hamilton boosted its holdings in shares of Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after acquiring an additional 500 shares in the last quarter. Cassady Schiller Wealth Management LLC acquired a new position in shares of Corning during the third quarter worth about $39,000. Finally, RPg Family Wealth Advisory LLC acquired a new stake in shares of Corning in the 3rd quarter valued at approximately $40,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Deutsche Bank Aktiengesellschaft raised their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report 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. Oppenheimer restated an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Barclays reduced their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Finally, Citigroup upped their price target on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Three research 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’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Insider Activity

In related news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. 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 8,876 shares of the company’s 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 sold a total of 46,085 shares of company stock valued at $2,345,436 over the last 90 days. Insiders own 0.45% of the company’s stock.

Corning Stock Performance

NYSE GLW opened at $53.31 on Thursday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The business has a fifty day moving average of $48.92 and a 200-day moving average of $45.76. The stock has a market cap of $45.64 billion, a price-to-earnings ratio of 91.91, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03.

Corning (NYSE:GLW) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. As a group, analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal 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.