Howland Capital Management LLC Takes Position in Corning Incorporated (NYSE:GLW)

Howland Capital Management LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 9,768 shares of the electronics maker’s stock, valued at approximately $464,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Wellington Management Group LLP raised its holdings in shares of Corning by 0.3% in the third quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock valued at $1,771,029,000 after purchasing an additional 133,214 shares during the last quarter. State Street Corp increased its stake in Corning by 3.8% in the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after buying an additional 1,242,718 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Corning by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock worth $219,116,000 after buying an additional 38,168 shares in the last quarter. FMR LLC boosted its stake 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 worth $168,095,000 after buying an additional 1,285,836 shares during the last quarter. Finally, Stifel Financial Corp grew its holdings in shares of Corning by 1.9% in the 3rd quarter. Stifel Financial Corp now owns 2,810,435 shares of the electronics maker’s stock valued at $126,893,000 after acquiring an additional 52,667 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Corning news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction on Friday, January 31st. The stock was 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 directly owns 152,944 shares of the company’s stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction on Thursday, January 30th. The stock was 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 sold 46,085 shares of company stock worth $2,345,436 in the last quarter. 0.40% of the stock is currently owned by corporate insiders.

Corning Price Performance

Shares of NYSE GLW opened at $52.99 on Monday. The firm has a market cap of $45.37 billion, a P/E ratio of 91.36, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The business’s 50 day moving average is $49.22 and its 200-day moving average is $45.94. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33.

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

Wall Street Analyst Weigh In

Several analysts recently issued reports on GLW shares. JPMorgan Chase & Co. upped their target price on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. HSBC raised Corning from a “hold” rating to a “buy” rating and increased their price objective for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Morgan Stanley upped their price target 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. Oppenheimer reissued an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Finally, Barclays dropped their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $53.00.

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.