First Citizens Bank & Trust Co. decreased its position in shares of Corning Incorporated (NYSE:GLW) by 20.4% during the 4th quarter, Holdings Channel reports. The fund owned 128,923 shares of the electronics maker’s stock after selling 33,076 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Corning were worth $4,124,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in GLW. GLG Partners LP bought a new position in Corning in the second quarter valued at approximately $102,000. Benjamin F. Edwards & Company Inc. lifted its stake in Corning by 241.6% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after buying an additional 2,650 shares in the last quarter. MPS Loria Financial Planners LLC bought a new position in Corning in the second quarter valued at approximately $112,000. IHT Wealth Management LLC lifted its stake in Corning by 13.4% in the second quarter. IHT Wealth Management LLC now owns 4,117 shares of the electronics maker’s stock valued at $165,000 after buying an additional 485 shares in the last quarter. Finally, Harfst & Associates Inc. lifted its stake in Corning by 44.7% in the second quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock valued at $143,000 after buying an additional 1,481 shares in the last quarter. 72.11% of the stock is currently owned by institutional investors and hedge funds.
Corning Incorporated (GLW) traded down $0.22 during midday trading on Wednesday, hitting $33.43. 1,865,878 shares of the stock were exchanged, compared to its average volume of 5,650,650. The company has a quick ratio of 2.14, a current ratio of 2.69 and a debt-to-equity ratio of 0.26. Corning Incorporated has a 12 month low of $24.13 and a 12 month high of $33.92. The firm has a market capitalization of $29,070.00, a P/E ratio of 14.23, a PEG ratio of 2.78 and a beta of 1.33.
In other news, insider Mark S. Rogus sold 9,242 shares of Corning stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $32.12, for a total value of $296,853.04. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Wendell P. Weeks sold 248,857 shares of Corning stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total transaction of $7,806,644.09. Following the completion of the sale, the chief executive officer now owns 65,333 shares in the company, valued at $2,049,496.21. The disclosure for this sale can be found here. Insiders sold 348,320 shares of company stock worth $10,996,824 over the last quarter. 0.59% of the stock is owned by corporate insiders.
A number of research analysts have weighed in on GLW shares. Guggenheim reaffirmed a “buy” rating and issued a $35.00 price target on shares of Corning in a research note on Tuesday, October 24th. Zacks Investment Research lowered shares of Corning from a “hold” rating to a “sell” rating in a research note on Friday, October 20th. Citigroup lifted their price target on shares of Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, October 25th. Deutsche Bank lifted their price target on shares of Corning from $33.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, October 25th. Finally, Jefferies Group reaffirmed a “hold” rating and issued a $29.50 price target on shares of Corning in a research note on Friday, October 6th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Corning currently has an average rating of “Hold” and an average target price of $29.76.
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Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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