Flagship Harbor Advisors LLC Grows Holdings in Corning Incorporated (GLW)

Flagship Harbor Advisors LLC grew its stake in Corning Incorporated (NYSE:GLW) by 10.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,809 shares of the electronics maker’s stock after buying an additional 807 shares during the period. Flagship Harbor Advisors LLC’s holdings in Corning were worth $266,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Csenge Advisory Group purchased a new position in Corning in the 3rd quarter worth approximately $38,000. Cowen Prime Services LLC lifted its holdings in shares of Corning by 43.5% in the 4th quarter. Cowen Prime Services LLC now owns 1,650 shares of the electronics maker’s stock worth $50,000 after acquiring an additional 500 shares during the last quarter. TRUE Private Wealth Advisors bought a new stake in shares of Corning in the 3rd quarter worth approximately $100,000. Mitsubishi UFJ Securities Holdings Co. Ltd. lifted its holdings in shares of Corning by 711.4% in the 3rd quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 2,840 shares of the electronics maker’s stock worth $100,000 after acquiring an additional 2,490 shares during the last quarter. Finally, Trustcore Financial Services LLC lifted its holdings in shares of Corning by 233.3% in the 3rd quarter. Trustcore Financial Services LLC now owns 3,000 shares of the electronics maker’s stock worth $106,000 after acquiring an additional 2,100 shares during the last quarter. 70.64% of the stock is owned by institutional investors and hedge funds.

NYSE:GLW opened at $33.52 on Thursday. The stock has a market capitalization of $26.99 billion, a PE ratio of 18.83, a price-to-earnings-growth ratio of 1.87 and a beta of 1.21. The company has a current ratio of 2.12, a quick ratio of 1.51 and a debt-to-equity ratio of 0.52. Corning Incorporated has a 1-year low of $26.11 and a 1-year high of $36.56.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, January 29th. The electronics maker reported $0.59 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.02. Corning had a net margin of 9.44% and a return on equity of 14.21%. The company had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.02 billion. During the same period in the prior year, the firm posted $0.49 EPS. Corning’s revenue for the quarter was up 15.1% on a year-over-year basis. On average, analysts forecast that Corning Incorporated will post 2.05 EPS for the current fiscal year.

A number of equities research analysts have recently weighed in on GLW shares. Zacks Investment Research upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a report on Monday, October 22nd. Guggenheim reiterated a “buy” rating and set a $41.00 price target on shares of Corning in a report on Tuesday, October 23rd. UBS Group set a $33.00 price target on shares of Corning and gave the company a “hold” rating in a report on Tuesday, October 23rd. Citigroup decreased their price objective on shares of Corning from $40.00 to $38.00 and set a “buy” rating for the company in a report on Wednesday, October 24th. Finally, ValuEngine lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Monday, November 12th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $35.50.

In other news, Vice Chairman Lawrence D. Mcrae sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, December 19th. The shares were sold at an average price of $30.68, for a total transaction of $613,600.00. Following the sale, the insider now owns 150,716 shares of the company’s stock, valued at approximately $4,623,966.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Deborah Rieman sold 4,430 shares of the firm’s stock in a transaction dated Friday, November 16th. The shares were sold at an average price of $32.30, for a total transaction of $143,089.00. The disclosure for this sale can be found here. Insiders have sold a total of 67,308 shares of company stock worth $2,126,766 over the last three months. 0.46% of the stock is currently owned by insiders.

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Corning Profile

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

Further Reading: Should You Consider an Index Fund?

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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