Goelzer Investment Management Inc. Boosts Stock Position in Corning Incorporated (NYSE:GLW)

Goelzer Investment Management Inc. boosted its holdings in shares of Corning Incorporated (NYSE:GLW) by 0.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 65,816 shares of the electronics maker’s stock after purchasing an additional 236 shares during the quarter. Goelzer Investment Management Inc.’s holdings in Corning were worth $3,128,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Sound Income Strategies LLC raised its position 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 valued at $25,000 after buying an additional 227 shares in the last quarter. City Holding Co. raised its position in Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares during the period. Rosenberg Matthew Hamilton lifted its stake in shares of 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 purchasing an additional 500 shares during the last quarter. Cassady Schiller Wealth Management LLC purchased a new position in shares of Corning in the 3rd quarter worth approximately $39,000. Finally, RPg Family Wealth Advisory LLC bought a new position in shares of Corning during the 3rd quarter valued at approximately $40,000. Institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

GLW stock opened at $54.22 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. Corning Incorporated has a 1-year low of $30.51 and a 1-year high of $54.53. The business has a 50-day moving average price of $48.32 and a 200 day moving average price of $45.42. The company has a market capitalization of $46.43 billion, a P/E ratio of 318.96, a PEG ratio of 1.46 and a beta of 1.04.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion during 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 company’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.45 EPS. As a group, equities research analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have commented on GLW. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Citigroup increased their price objective on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft boosted their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. UBS Group raised their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. upped their price objective on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.31.

Insider Buying and Selling at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were 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 approximately $324,213. This trade represents a 42.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning 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 disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Corning 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.