Versant Capital Management Inc Buys 1,188 Shares of Corning Incorporated (NYSE:GLW)

Versant Capital Management Inc lifted its stake in Corning Incorporated (NYSE:GLW) by 140.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,033 shares of the electronics maker’s stock after acquiring an additional 1,188 shares during the quarter. Versant Capital Management Inc’s holdings in Corning were worth $97,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in GLW. City Holding Co. grew its position in 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 purchasing an additional 600 shares during the period. Cassady Schiller Wealth Management LLC purchased a new position in shares of Corning in the 3rd quarter worth $39,000. RPg Family Wealth Advisory LLC bought a new stake in shares of Corning in the third quarter worth $40,000. Global Trust Asset Management LLC increased its position in 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 during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of Corning during the 3rd quarter valued at about $45,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on GLW. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Oppenheimer reiterated an “outperform” rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. UBS Group upped their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft lifted their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Susquehanna upped their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $50.77.

Corning Trading Up 1.7 %

Shares of GLW opened at $47.50 on Friday. Corning Incorporated has a 1 year low of $29.71 and a 1 year high of $51.03. The company has a 50 day simple moving average of $47.94 and a two-hundred day simple moving average of $44.39. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The firm has a market cap of $40.67 billion, a P/E ratio of 279.41, a price-to-earnings-growth ratio of 1.54 and a beta of 1.04.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.45 EPS. On average, equities analysts expect that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction dated 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 owns 6,700 shares in the company, valued at approximately $324,213. This trade 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 company insiders.

About Corning

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.