Brookstone Capital Management Lowers Stock Position in Corning Incorporated (NYSE:GLW)

Brookstone Capital Management lessened its stake in Corning Incorporated (NYSE:GLW) by 28.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,674 shares of the electronics maker’s stock after selling 1,848 shares during the period. Brookstone Capital Management’s holdings in Corning were worth $222,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. FMR LLC raised its stake in shares of Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after acquiring an additional 1,285,836 shares in the last quarter. State Street Corp grew its holdings in shares of Corning by 3.8% during the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after purchasing an additional 1,242,718 shares during the last quarter. Los Angeles Capital Management LLC raised its position in Corning by 215.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after purchasing an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC lifted its stake in Corning by 4,306.9% in the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock worth $47,428,000 after purchasing an additional 1,026,626 shares during the last quarter. Finally, Shellback Capital LP purchased a new stake in Corning during the second quarter valued at about $34,483,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’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 sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction that occurred on 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 own 0.45% of the company’s stock.

Corning Stock Performance

NYSE:GLW opened at $49.83 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 stock has a 50-day simple moving average of $47.96 and a two-hundred day simple moving average of $45.08. The firm has a market capitalization of $42.66 billion, a PE ratio of 293.12, a P/E/G ratio of 1.28 and a beta of 1.04. Corning Incorporated has a 52-week low of $29.82 and a 52-week high of $51.03.

Corning (NYSE:GLW) last announced 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. The firm had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company’s revenue was up 6.9% on a year-over-year basis. During the same period last year, the firm earned $0.45 EPS. Analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on GLW. JPMorgan Chase & Co. upped their price objective on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft boosted their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Oppenheimer restated an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Barclays lifted their target price on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Finally, StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average 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.