Stonebridge Financial Group LLC Buys Shares of 79,271 Corning Incorporated (NYSE:GLW)

Stonebridge Financial Group LLC purchased a new position in Corning Incorporated (NYSE:GLW) in the fourth quarter, Holdings Channel reports. The fund purchased 79,271 shares of the electronics maker’s stock, valued at approximately $3,767,000.

Other institutional investors have also made changes to their positions in the company. Northstar Advisory Group LLC lifted its position in Corning by 258.4% in the 4th 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 in the last quarter. Franklin Resources Inc. raised 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 worth $8,975,000 after acquiring an additional 62,514 shares in the last quarter. FMR LLC boosted its position in Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the last quarter. Fifth Third Bancorp grew its stake in Corning by 16.8% in the fourth quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock valued at $5,296,000 after purchasing an additional 16,001 shares in the last quarter. Finally, First Financial Bank Trust Division grew its stake in Corning by 27.5% in the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock valued at $6,565,000 after purchasing an additional 29,790 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction on 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 $324,213. This trade represents a 42.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the company’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 transaction, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 46,085 shares of company stock valued at $2,345,436. 0.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on GLW shares. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Oppenheimer reiterated an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Citigroup increased their price target on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft raised their price target on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. increased their target price on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $53.00.

Corning Trading Up 0.1 %

Shares of NYSE:GLW opened at $53.02 on Tuesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The stock’s 50-day moving average is $49.22 and its 200-day moving average is $45.95. The company has a market cap of $45.39 billion, a P/E ratio of 91.41, a P/E/G ratio of 1.55 and a beta of 1.03. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33.

Corning (NYSE:GLW) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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.

About Corning

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.