Naples Global Advisors LLC Has $11.27 Million Holdings in Corning Incorporated (NYSE:GLW)

Naples Global Advisors LLC trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 0.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 237,103 shares of the electronics maker’s stock after selling 1,148 shares during the quarter. Corning makes up about 1.1% of Naples Global Advisors LLC’s investment portfolio, making the stock its 11th largest holding. Naples Global Advisors LLC’s holdings in Corning were worth $11,267,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Northstar Advisory Group LLC increased its position in Corning by 258.4% during the fourth quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock worth $5,883,000 after buying an additional 89,268 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of Corning by 48.4% during the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock valued at $8,975,000 after acquiring an additional 62,514 shares during the last quarter. FMR LLC increased its holdings in shares of Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after acquiring an additional 1,285,836 shares during the last quarter. Fifth Third Bancorp raised its stake in shares of Corning by 16.8% in the 4th quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock valued at $5,296,000 after acquiring an additional 16,001 shares in the last quarter. Finally, First Financial Bank Trust Division lifted its holdings in Corning by 27.5% in the 4th quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock worth $6,565,000 after purchasing an additional 29,790 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction dated 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 trade represents a 42.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,085 shares of company stock worth $2,345,436 in the last 90 days. 0.40% of the stock is owned by company insiders.

Corning Stock Down 0.8 %

Shares of GLW stock opened at $51.99 on Thursday. The stock has a market cap of $44.51 billion, a P/E ratio of 89.64, a price-to-earnings-growth ratio of 1.55 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. The stock has a fifty day moving average price of $49.36 and a 200 day moving average price of $46.08. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33.

Corning (NYSE:GLW) last issued its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of recent analyst reports. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. JPMorgan Chase & Co. lifted their target price on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Barclays cut their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. UBS Group raised their price target on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Morgan Stanley boosted their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average 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.