Oak Thistle LLC Acquires Shares of 7,858 Corning Incorporated (NYSE:GLW)

Oak Thistle LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 7,858 shares of the electronics maker's stock, valued at approximately $373,000.

Several other hedge funds also recently modified their holdings of GLW. Wellington Management Group LLP boosted its position in Corning by 0.3% during the third quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker's stock valued at $1,771,029,000 after purchasing an additional 133,214 shares during the last quarter. State Street Corp raised its stake in shares of Corning by 3.8% during the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock worth $1,534,337,000 after purchasing an additional 1,242,718 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Corning by 0.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker's stock valued at $219,116,000 after buying an additional 38,168 shares during the last quarter. FMR LLC grew its stake in shares of Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock valued at $168,095,000 after buying an additional 1,285,836 shares in the last quarter. Finally, Stifel Financial Corp grew its stake in shares of Corning by 1.9% in the third quarter. Stifel Financial Corp now owns 2,810,435 shares of the electronics maker's stock valued at $126,893,000 after buying an additional 52,667 shares in the last quarter. Institutional investors own 69.80% of the company's stock.

Analysts Set New Price Targets

GLW has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft increased their price target on shares of Corning from $49.00 to $54.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. Oppenheimer reaffirmed an "outperform" rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. StockNews.com upgraded Corning from a "hold" rating to a "buy" rating in a report on Tuesday, December 24th. Barclays upped their price objective on Corning from $40.00 to $53.00 and gave the company an "equal weight" rating in a research note on Tuesday, October 29th. Finally, Morgan Stanley raised their price objective on Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a research report on Tuesday, December 17th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $50.77.

Corning Stock Performance

NYSE GLW traded up $0.59 on Friday, reaching $49.83. The stock had a trading volume of 5,472,683 shares, compared to its average volume of 3,929,716. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The company has a market cap of $42.66 billion, a P/E ratio of 293.12, a price-to-earnings-growth ratio of 1.28 and a beta of 1.04. The firm has a fifty day moving average of $47.92 and a two-hundred day moving average of $44.92. Corning Incorporated has a 1-year low of $29.82 and a 1-year high of $51.03.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the prior year, the company posted $0.45 earnings per share. Corning's revenue was up 6.9% compared to the same quarter last year. On average, equities research analysts anticipate that Corning Incorporated will post 1.95 EPS for the current year.

Insider Transactions at Corning

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the company's stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm's stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now owns 6,700 shares in the company, valued at $324,213. The trade was a 42.74 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.45% of the company's stock.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.