International Assets Investment Management LLC Cuts Stake in Corning Incorporated (NYSE:GLW)

International Assets Investment Management LLC lowered its position in Corning Incorporated (NYSE:GLW - Free Report) by 96.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,282 shares of the electronics maker's stock after selling 238,727 shares during the period. International Assets Investment Management LLC's holdings in Corning were worth $434,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Franklin Resources Inc. increased its stake in Corning by 48.4% in the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker's stock worth $8,975,000 after buying an additional 62,514 shares during the period. FMR LLC increased its position in shares of Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock worth $168,095,000 after acquiring an additional 1,285,836 shares during the period. MBB Public Markets I LLC raised its stake in shares of Corning by 806.7% during the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker's stock valued at $2,524,000 after acquiring an additional 57,800 shares in the last quarter. First Financial Bank Trust Division raised its stake in shares of Corning by 27.5% during the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker's stock valued at $6,565,000 after acquiring an additional 29,790 shares in the last quarter. Finally, Transamerica Financial Advisors Inc. grew its stake in Corning by 529.6% in the third quarter. Transamerica Financial Advisors Inc. now owns 16,533 shares of the electronics maker's stock worth $747,000 after purchasing an additional 13,907 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Analyst Ratings Changes

GLW has been the subject of a number of research analyst reports. JPMorgan Chase & Co. lifted their target price on Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a research report on Wednesday, October 30th. UBS Group upped their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 30th. Susquehanna raised their target price on shares of Corning from $46.00 to $55.00 and gave the company a "positive" rating in a research report on Friday, September 20th. StockNews.com upgraded shares of Corning from a "hold" rating to a "buy" rating in a report on Tuesday, December 24th. Finally, Oppenheimer reiterated an "outperform" rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Corning has an average rating of "Moderate Buy" and a consensus price target of $50.77.

Insiders Place Their Bets

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm's stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares of the company's stock, valued at $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company's stock.

Corning Stock Down 1.5 %

GLW stock traded down $0.71 on Friday, hitting $47.02. 4,492,186 shares of the company's stock were exchanged, compared to its average volume of 3,807,381. The firm has a 50 day moving average price of $47.91 and a two-hundred day moving average price of $44.73. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning Incorporated has a 12-month low of $29.71 and a 12-month high of $51.03. The stock has a market cap of $40.26 billion, a P/E ratio of 276.59, a price-to-earnings-growth ratio of 1.54 and a beta of 1.04.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company's revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.45 earnings per share. As a group, equities research analysts expect that Corning Incorporated will post 1.95 EPS for the current fiscal year.

About Corning

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.