Nordea Investment Management AB Increases Stake in Corning Incorporated (NYSE:GLW)

Nordea Investment Management AB raised its holdings in shares of Corning Incorporated (NYSE:GLW) by 2.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 65,183 shares of the electronics maker’s stock after acquiring an additional 1,571 shares during the period. Nordea Investment Management AB’s holdings in Corning were worth $3,092,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Franklin Resources Inc. boosted its position in shares of Corning by 48.4% in the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock worth $8,975,000 after purchasing an additional 62,514 shares during the period. FMR LLC boosted its position in shares of Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after acquiring an additional 1,285,836 shares during the last quarter. MBB Public Markets I LLC boosted its position in shares of Corning by 806.7% during the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after acquiring an additional 57,800 shares during the last quarter. First Financial Bank Trust Division boosted its position in shares of Corning by 27.5% during the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock worth $6,565,000 after acquiring an additional 29,790 shares during the last quarter. Finally, Transamerica Financial Advisors Inc. boosted its position in shares of Corning by 529.6% during the third quarter. Transamerica Financial Advisors Inc. now owns 16,533 shares of the electronics maker’s stock worth $747,000 after acquiring an additional 13,907 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

Shares of NYSE GLW opened at $47.02 on Friday. The firm has a market cap of $40.26 billion, a PE ratio of 276.59, a PEG ratio of 1.54 and a beta of 1.04. The firm has a fifty day moving average of $47.91 and a 200 day moving average of $44.70. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning Incorporated has a one year low of $29.71 and a one year high of $51.03.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. The company 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 firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.45 EPS. As a group, research analysts predict that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s 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 directly owns 6,700 shares in the company, valued at approximately $324,213. This trade represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of research reports. Susquehanna upped their target price on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Morgan Stanley upped their target price on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Barclays upped their target price on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $50.77.

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.