NovaPoint Capital LLC Grows Position in Corning Incorporated (NYSE:GLW)

NovaPoint Capital LLC increased its position in shares of Corning Incorporated (NYSE:GLW) by 3.5% in the fourth quarter, Holdings Channel.com reports. The firm owned 75,836 shares of the electronics maker’s stock after purchasing an additional 2,537 shares during the quarter. NovaPoint Capital LLC’s holdings in Corning were worth $3,604,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in GLW. Sound Income Strategies LLC boosted its stake in shares of Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares during the period. City Holding Co. boosted its position in Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares during the period. Rosenberg Matthew Hamilton boosted its position in Corning by 202.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after buying an additional 500 shares during the period. Cassady Schiller Wealth Management LLC purchased a new stake in Corning in the 3rd quarter valued at about $39,000. Finally, RPg Family Wealth Advisory LLC purchased a new stake in Corning in the 3rd quarter valued at about $40,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares of the company’s stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. Insiders have sold a total of 46,085 shares of company stock worth $2,345,436 in the last three months. Company insiders own 0.45% of the company’s stock.

Corning Stock Performance

Shares of Corning stock opened at $53.31 on Thursday. The stock has a market capitalization of $45.64 billion, a price-to-earnings ratio of 91.91, a PEG ratio of 1.51 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33. The firm’s fifty day simple moving average is $48.92 and its 200-day simple moving average is $45.76.

Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. As a group, equities analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. UBS Group boosted their price objective 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. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and boosted their price objective for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. JPMorgan Chase & Co. boosted their price target on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Oppenheimer restated an “outperform” rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Corning has an average rating of “Moderate Buy” and a consensus target price of $53.00.

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.