Leavell Investment Management Inc. lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 14.8% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 11,800 shares of the electronics maker’s stock after selling 2,050 shares during the quarter. Leavell Investment Management Inc.’s holdings in Corning were worth $343,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also added to or reduced their stakes in GLW. Manchester Financial Inc. bought a new position in Corning in the 4th quarter valued at about $25,000. Horan Securities Inc. bought a new stake in shares of Corning during the 3rd quarter worth about $29,000. B & T Capital Management DBA Alpha Capital Management bought a new stake in shares of Corning during the 3rd quarter worth about $29,000. Patriot Financial Group Insurance Agency LLC raised its position in shares of Corning by 351.9% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,220 shares of the electronics maker’s stock worth $35,000 after buying an additional 950 shares in the last quarter. Finally, Horan Capital Advisors LLC. acquired a new stake in shares of Corning in the 3rd quarter worth approximately $44,000. 73.47% of the stock is currently owned by institutional investors.
Several research analysts have recently issued reports on the stock. ValuEngine cut shares of Corning from a “buy” rating to a “hold” rating in a report on Wednesday, December 4th. Deutsche Bank cut Corning from a “buy” rating to a “hold” rating and dropped their target price for the stock from $33.00 to $30.00 in a report on Wednesday, October 30th. Citigroup restated a “buy” rating and issued a $34.00 target price (up from $32.00) on shares of Corning in a research report on Wednesday, October 30th. Morgan Stanley downgraded Corning from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $34.00 to $33.00 in a research report on Wednesday, January 8th. Finally, TheStreet raised Corning from a “c+” rating to a “b-” rating in a research note on Friday, November 8th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $32.55.
Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.44 EPS for the quarter, beating the consensus estimate of $0.40 by $0.04. The business had revenue of $2.93 billion during the quarter, compared to analyst estimates of $2.87 billion. Corning had a net margin of 10.41% and a return on equity of 15.19%. The business’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.51 earnings per share. As a group, equities research analysts forecast that Corning Incorporated will post 1.74 EPS for the current fiscal year.
In other news, Director Hansel E. Tookes II sold 2,345 shares of the firm’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $30.00, for a total transaction of $70,350.00. Following the completion of the sale, the director now directly owns 89,208 shares of the company’s stock, valued at approximately $2,676,240. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Martin J. Curran sold 13,254 shares of Corning stock in a transaction on Monday, November 11th. The stock was sold at an average price of $30.00, for a total value of $397,620.00. Following the completion of the transaction, the vice president now owns 6,529 shares in the company, valued at $195,870. The disclosure for this sale can be found here. In the last 90 days, insiders sold 82,325 shares of company stock worth $2,481,690. 0.46% of the stock is currently owned by company insiders.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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