Corning Incorporated (GLW) Position Trimmed by Stillwater Capital Advisors LLC

Stillwater Capital Advisors LLC cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 426,925 shares of the electronics maker’s stock after selling 7,735 shares during the quarter. Corning comprises about 3.2% of Stillwater Capital Advisors LLC’s investment portfolio, making the stock its 8th biggest holding. Stillwater Capital Advisors LLC’s holdings in Corning were worth $13,657,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Corning by 1.6% during the second quarter. Vanguard Group Inc. now owns 62,101,521 shares of the electronics maker’s stock worth $1,866,151,000 after acquiring an additional 965,976 shares during the last quarter. LSV Asset Management increased its stake in Corning by 1.3% during the second quarter. LSV Asset Management now owns 13,011,732 shares of the electronics maker’s stock worth $391,002,000 after acquiring an additional 165,214 shares during the last quarter. Jennison Associates LLC acquired a new stake in Corning during the third quarter worth about $275,460,000. Dimensional Fund Advisors LP increased its stake in Corning by 0.7% during the third quarter. Dimensional Fund Advisors LP now owns 8,090,707 shares of the electronics maker’s stock worth $242,077,000 after acquiring an additional 56,973 shares during the last quarter. Finally, Janus Henderson Group PLC increased its stake in Corning by 17.0% during the third quarter. Janus Henderson Group PLC now owns 6,881,667 shares of the electronics maker’s stock worth $205,899,000 after acquiring an additional 999,912 shares during the last quarter. Hedge funds and other institutional investors own 72.11% of the company’s stock.

GLW has been the subject of several research analyst reports. Jefferies Group restated a “hold” rating and set a $29.50 price target on shares of Corning in a research note on Friday, October 6th. Oppenheimer restated a “hold” rating on shares of Corning in a research note on Wednesday, October 25th. Zacks Investment Research lowered Corning from a “buy” rating to a “hold” rating in a research note on Friday, December 22nd. Guggenheim restated a “buy” rating and set a $35.00 price target on shares of Corning in a research note on Thursday, September 21st. Finally, Citigroup upped their price target on Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 25th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Corning currently has an average rating of “Hold” and an average price target of $30.48.

In other news, CEO Wendell P. Weeks sold 248,857 shares of the stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $31.37, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $32.42, for a total value of $1,675,335.92. Following the completion of the sale, the insider now owns 136,032 shares of the company’s stock, valued at approximately $4,410,157.44. The disclosure for this sale can be found here. In the last quarter, insiders sold 348,320 shares of company stock valued at $10,996,824. Insiders own 0.59% of the company’s stock.

Corning Incorporated (GLW) traded up $0.43 during mid-day trading on Friday, hitting $33.76. The stock had a trading volume of 3,611,500 shares, compared to its average volume of 5,216,575. The company has a current ratio of 2.69, a quick ratio of 2.14 and a debt-to-equity ratio of 0.26. Corning Incorporated has a fifty-two week low of $24.13 and a fifty-two week high of $33.92. The firm has a market capitalization of $29,740.00, a price-to-earnings ratio of 14.37, a P/E/G ratio of 2.78 and a beta of 1.33.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. Corning had a return on equity of 11.53% and a net margin of 24.98%. The business had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.59 billion. During the same quarter last year, the firm earned $0.42 earnings per share. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. research analysts expect that Corning Incorporated will post 1.7 EPS for the current fiscal year.

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About Corning

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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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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