International Assets Investment Management LLC Sells 238,727 Shares of Corning Incorporated (NYSE:GLW)

International Assets Investment Management LLC lessened its position in Corning Incorporated (NYSE:GLW) by 96.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,282 shares of the electronics maker’s stock after selling 238,727 shares during the period. International Assets Investment Management LLC’s holdings in Corning were worth $434,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of GLW. Franklin Resources Inc. increased its holdings in shares of Corning by 48.4% during the third 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 in the last quarter. FMR LLC raised its holdings in Corning by 52.8% in the 3rd 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 stake in Corning by 806.7% during the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after purchasing an additional 57,800 shares during the last quarter. First Financial Bank Trust Division increased its holdings in shares of 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 in the last quarter. Finally, Transamerica Financial Advisors Inc. raised its stake in shares of Corning by 529.6% in the third quarter. Transamerica Financial Advisors Inc. now owns 16,533 shares of the electronics maker’s stock worth $747,000 after purchasing an additional 13,907 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other Corning 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 stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This trade 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.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. UBS Group lifted their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Bank of America increased their price target on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Barclays lifted their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Morgan Stanley raised their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Finally, JPMorgan Chase & Co. upped their price target on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $50.77.

Corning Price Performance

NYSE GLW opened at $47.02 on Friday. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12 month low of $29.71 and a 12 month high of $51.03. The company’s 50 day moving average is $47.91 and its two-hundred day moving average is $44.70. The stock has a market cap of $40.26 billion, a price-to-earnings ratio of 276.59, a PEG ratio of 1.54 and a beta of 1.04.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period last year, the firm earned $0.45 earnings per share. The business’s quarterly revenue was up 6.9% on a year-over-year basis. As a group, research analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.

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.