Avanza Fonder AB Makes New $3.90 Million Investment in Corning Incorporated (NYSE:GLW)

Avanza Fonder AB bought a new stake in Corning Incorporated (NYSE:GLW - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 82,089 shares of the electronics maker's stock, valued at approximately $3,901,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. FMR LLC boosted its position in shares of Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock worth $168,095,000 after purchasing an additional 1,285,836 shares in the last quarter. State Street Corp boosted its holdings in Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock worth $1,534,337,000 after buying an additional 1,242,718 shares in the last quarter. Los Angeles Capital Management LLC grew its position in Corning by 215.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker's stock worth $75,740,000 after buying an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC increased its holdings in Corning by 4,306.9% in the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker's stock valued at $47,428,000 after buying an additional 1,026,626 shares in the last quarter. Finally, Shellback Capital LP acquired a new stake in shares of Corning during the 2nd quarter valued at approximately $34,483,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the business's stock in a transaction that occurred on Monday, November 25th. The shares were 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 can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares of the company's stock, valued at $324,213. The trade was a 42.74 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.45% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft raised their price objective on Corning from $49.00 to $54.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. Barclays lifted their price target on Corning from $40.00 to $53.00 and gave the stock an "equal weight" rating in a research note on Tuesday, October 29th. UBS Group increased their price objective on shares of Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a research note on Wednesday, October 30th. Morgan Stanley lifted their target price on shares of Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Tuesday, December 17th. Finally, JPMorgan Chase & Co. increased their price target on shares of Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $50.77.

Corning Trading Up 1.2 %

GLW traded up $0.59 during midday trading on Friday, hitting $49.83. The company's stock had a trading volume of 5,472,683 shares, compared to its average volume of 3,228,455. The firm has a market cap of $42.66 billion, a P/E ratio of 293.12, a PEG ratio of 1.28 and a beta of 1.04. Corning Incorporated has a 52-week low of $29.82 and a 52-week high of $51.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm has a 50-day moving average price of $47.96 and a two-hundred day moving average price of $45.03.

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

Corning 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.