GAMMA Investing LLC Has $418,000 Stake in Corning Incorporated (NYSE:GLW)

GAMMA Investing LLC lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 27.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 8,791 shares of the electronics maker’s stock after acquiring an additional 1,916 shares during the period. GAMMA Investing LLC’s holdings in Corning were worth $418,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. City Holding Co. boosted its position in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares in the last quarter. Cassady Schiller Wealth Management LLC bought a new position in Corning in the third quarter worth approximately $39,000. RPg Family Wealth Advisory LLC acquired a new stake in Corning in the third quarter valued at approximately $40,000. Global Trust Asset Management LLC increased its holdings in shares of Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after acquiring an additional 900 shares in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of Corning during the third quarter worth approximately $45,000. 69.80% of the stock is owned by institutional investors.

Corning Stock Performance

Shares of GLW stock opened at $47.50 on Monday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The firm has a market cap of $40.67 billion, a price-to-earnings ratio of 279.41, a P/E/G ratio of 1.54 and a beta of 1.04. Corning Incorporated has a 52 week low of $29.71 and a 52 week high of $51.03. The firm’s 50-day simple moving average is $47.94 and its two-hundred day simple moving average is $44.43.

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

Insider Transactions at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction that occurred 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 directly owns 6,700 shares in the company, valued at approximately $324,213. This trade represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on GLW. UBS Group lifted their price target on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. boosted their target price on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Bank of America raised their price target on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Oppenheimer reissued an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Finally, Morgan Stanley raised their target price on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.77.

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.