Sanibel Captiva Trust Company Inc. Sells 6,790 Shares of Corning Incorporated (NYSE:GLW)

Sanibel Captiva Trust Company Inc. trimmed its stake in Corning Incorporated (NYSE:GLW - Free Report) by 2.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 320,468 shares of the electronics maker's stock after selling 6,790 shares during the quarter. Sanibel Captiva Trust Company Inc.'s holdings in Corning were worth $15,229,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of GLW. Edgestream Partners L.P. acquired a new stake in Corning in the 2nd quarter worth $1,683,000. Bradley Foster & Sargent Inc. CT grew its position in Corning by 1.9% during the second quarter. Bradley Foster & Sargent Inc. CT now owns 25,054 shares of the electronics maker's stock worth $973,000 after buying an additional 462 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its stake in Corning by 0.8% during the second quarter. Mercer Global Advisors Inc. ADV now owns 172,668 shares of the electronics maker's stock valued at $6,708,000 after acquiring an additional 1,371 shares during the period. Vanguard Personalized Indexing Management LLC lifted its position in shares of Corning by 19.4% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 73,631 shares of the electronics maker's stock worth $2,859,000 after acquiring an additional 11,958 shares during the period. Finally, Blair William & Co. IL lifted its position in shares of Corning by 1.5% in the 2nd quarter. Blair William & Co. IL now owns 223,289 shares of the electronics maker's stock worth $8,675,000 after acquiring an additional 3,207 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Price Performance

Corning stock traded up $0.59 on Friday, reaching $49.83. The company's stock had a trading volume of 5,472,683 shares, compared to its average volume of 3,228,455. Corning Incorporated has a twelve month low of $29.82 and a twelve month high of $51.03. The company has a market cap of $42.66 billion, a price-to-earnings ratio of 293.12, a PEG ratio of 1.28 and a beta of 1.04. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The business's fifty day moving average price is $47.96 and its 200 day moving average price is $45.03.

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

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. UBS Group upped their target price on Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a research note on Wednesday, October 30th. StockNews.com raised shares of Corning from a "hold" rating to a "buy" rating in a report on Tuesday, December 24th. Oppenheimer reiterated an "outperform" rating and set a $58.00 target price (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Barclays increased their price target on shares of Corning from $40.00 to $53.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. lifted their price objective on Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $50.77.

Insiders Place Their Bets

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the business's stock in a transaction that occurred on Friday, November 22nd. The shares were 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm'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 disclosure for this sale can be found here. Company 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.