Corning Incorporated $GLW Shares Sold by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS trimmed its stake in shares of Corning Incorporated (NYSE:GLW) by 8.6% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 117,410 shares of the electronics maker’s stock after selling 11,078 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Corning were worth $9,631,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Brighton Jones LLC grew its holdings in shares of Corning by 46.0% during the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker’s stock worth $319,000 after purchasing an additional 2,114 shares during the last quarter. Retirement Planning Co of New England Inc. acquired a new stake in shares of Corning in the 1st quarter valued at about $729,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Corning by 9.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,704 shares of the electronics maker’s stock worth $2,962,000 after buying an additional 5,522 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in Corning during the second quarter worth approximately $401,000. Finally, Park Avenue Securities LLC purchased a new stake in Corning in the second quarter valued at approximately $618,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Susquehanna increased their target price on shares of Corning from $75.00 to $100.00 and gave the stock a “positive” rating in a research note on Wednesday, October 29th. Wall Street Zen raised Corning from a “hold” rating to a “buy” rating in a report on Friday. Zacks Research cut shares of Corning from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 21st. Morgan Stanley raised their target price on shares of Corning from $82.00 to $98.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 17th. Finally, Argus boosted their price target on shares of Corning from $68.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $93.36.

Corning Stock Performance

NYSE GLW opened at $95.06 on Tuesday. The company has a quick ratio of 1.00, a current ratio of 1.56 and a debt-to-equity ratio of 0.62. Corning Incorporated has a fifty-two week low of $37.31 and a fifty-two week high of $96.64. The business has a fifty day moving average of $87.91 and a 200-day moving average of $78.88. The stock has a market cap of $81.50 billion, a price-to-earnings ratio of 60.16, a price-to-earnings-growth ratio of 1.64 and a beta of 1.13.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 28th. The electronics maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.01. Corning had a return on equity of 18.12% and a net margin of 9.16%.The company had revenue of $4.10 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the previous year, the firm posted $0.54 EPS. Corning’s revenue was up 20.9% on a year-over-year basis. As a group, analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Insider Activity at Corning

In other news, SVP Stefan Becker sold 12,100 shares of the business’s stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $91.28, for a total transaction of $1,104,488.00. Following the completion of the sale, the senior vice president directly owned 5,049 shares of the company’s stock, valued at $460,872.72. The trade was a 70.56% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Eric S. Musser sold 100,000 shares of the business’s stock in a transaction dated Wednesday, October 29th. The shares were sold at an average price of $90.17, for a total value of $9,017,000.00. Following the sale, the insider directly owned 44,926 shares of the company’s stock, valued at approximately $4,050,977.42. This trade represents a 69.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 156,135 shares of company stock valued at $14,088,769 over the last three months. Insiders own 0.32% of the company’s stock.

Corning Profile

Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.

Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.