Highland Capital Management LLC Has $4.13 Million Stake in Corning Incorporated (NYSE:GLW)

Highland Capital Management LLC reduced its position in shares of Corning Incorporated (NYSE:GLW) by 2.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 86,883 shares of the electronics maker’s stock after selling 1,810 shares during the quarter. Highland Capital Management LLC’s holdings in Corning were worth $4,129,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Public Sector Pension Investment Board increased its stake in Corning by 111.5% in the 2nd quarter. Public Sector Pension Investment Board now owns 24,424 shares of the electronics maker’s stock valued at $949,000 after buying an additional 12,875 shares during the period. Millennium Management LLC increased its stake in shares of Corning by 117.1% in the second quarter. Millennium Management LLC now owns 926,249 shares of the electronics maker’s stock worth $35,985,000 after acquiring an additional 499,595 shares during the last quarter. Creative Planning raised its holdings in shares of Corning by 37.8% during the second quarter. Creative Planning now owns 247,305 shares of the electronics maker’s stock worth $9,608,000 after acquiring an additional 67,856 shares in the last quarter. NewEdge Advisors LLC boosted its position in Corning by 58.4% during the second quarter. NewEdge Advisors LLC now owns 90,442 shares of the electronics maker’s stock valued at $3,514,000 after purchasing an additional 33,333 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in Corning by 1.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 73,789 shares of the electronics maker’s stock worth $2,867,000 after purchasing an additional 844 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was 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 can be accessed through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the 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 owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on GLW shares. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Deutsche Bank Aktiengesellschaft raised their price objective on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Morgan Stanley increased their price target on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Citigroup increased their target price on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Finally, Barclays lowered their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.23.

Corning Price Performance

Corning stock opened at $49.97 on Thursday. 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 business has a 50 day simple moving average of $48.62 and a 200 day simple moving average of $45.57. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33. The company has a market capitalization of $42.78 billion, a PE ratio of 293.93, a price-to-earnings-growth ratio of 1.46 and a beta of 1.04.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. On average, sell-side analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

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.