River Road Asset Management LLC Sells 65,978 Shares of Corning Incorporated (GLW)

River Road Asset Management LLC reduced its holdings in shares of Corning Incorporated (NYSE:GLW) by 2.0% during the fourth quarter, Holdings Channel reports. The fund owned 3,153,641 shares of the electronics maker’s stock after selling 65,978 shares during the period. Corning comprises about 1.9% of River Road Asset Management LLC’s investment portfolio, making the stock its 6th biggest position. River Road Asset Management LLC’s holdings in Corning were worth $100,885,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of GLW. FMR LLC grew its position in Corning by 160.5% during the second quarter. FMR LLC now owns 1,595,315 shares of the electronics maker’s stock valued at $47,939,000 after acquiring an additional 982,864 shares during the last quarter. Shelton Capital Management bought a new position in shares of Corning in the second quarter worth approximately $235,000. BlueCrest Capital Management Ltd bought a new position in shares of Corning in the second quarter worth approximately $805,000. IHT Wealth Management LLC grew its holdings in shares of Corning by 13.4% in the second quarter. IHT Wealth Management LLC now owns 4,117 shares of the electronics maker’s stock worth $165,000 after purchasing an additional 485 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its holdings in shares of Corning by 32.0% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 171,774 shares of the electronics maker’s stock worth $5,162,000 after purchasing an additional 41,624 shares during the last quarter. Institutional investors and hedge funds own 72.11% of the company’s stock.

Shares of Corning Incorporated (NYSE GLW) opened at $29.82 on Thursday. Corning Incorporated has a 52 week low of $26.31 and a 52 week high of $35.10. The company has a market capitalization of $25,897.91, a price-to-earnings ratio of -38.23, a P/E/G ratio of 4.46 and a beta of 1.34. The company has a quick ratio of 2.22, a current ratio of 2.75 and a debt-to-equity ratio of 0.35.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.02. Corning had a positive return on equity of 11.62% and a negative net margin of 4.91%. The company had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.65 billion. During the same quarter last year, the firm posted $0.50 earnings per share. The firm’s revenue was up 7.4% on a year-over-year basis. analysts expect that Corning Incorporated will post 1.67 EPS for the current fiscal year.

Several research analysts have recently issued reports on the stock. Citigroup raised their target price on shares of Corning from $33.00 to $35.00 and gave the stock a “neutral” rating in a report on Thursday, January 25th. Barclays set a $38.00 target price on shares of Corning and gave the stock a “buy” rating in a report on Wednesday, January 10th. Guggenheim restated a “buy” rating and issued a $35.00 target price on shares of Corning in a report on Tuesday, December 12th. Zacks Investment Research upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a report on Tuesday, December 19th. Finally, ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $31.47.

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the firm’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $32.42, for a total transaction of $1,675,335.92. Following the completion of the transaction, the insider now owns 136,032 shares of the company’s stock, valued at $4,410,157.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Deborah Rieman sold 2,083 shares of the firm’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $32.16, for a total value of $66,989.28. Following the transaction, the director now directly owns 102,896 shares of the company’s stock, valued at approximately $3,309,135.36. The disclosure for this sale can be found here. Company insiders own 0.59% of the company’s stock.

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Corning Profile

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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