Tallon Kerry Patrick Purchases New Shares in Corning Incorporated (NYSE:GLW)

Tallon Kerry Patrick acquired a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 6,468 shares of the electronics maker's stock, valued at approximately $302,000.

Other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP increased its holdings in shares of Corning by 0.3% in the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker's stock valued at $1,771,029,000 after acquiring an additional 133,214 shares during the period. State Street Corp grew its stake in Corning by 3.8% in the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock valued at $1,534,337,000 after purchasing an additional 1,242,718 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Corning by 0.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker's stock worth $219,116,000 after purchasing an additional 38,168 shares in the last quarter. FMR LLC lifted 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 valued at $168,095,000 after buying an additional 1,285,836 shares during the last quarter. Finally, Stifel Financial Corp lifted its position in shares of Corning by 1.9% during 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 during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on GLW. UBS Group increased their target price on shares of Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a research report on Wednesday, October 30th. Bank of America increased their price objective on Corning from $46.00 to $51.00 and gave the company a "buy" rating in a report on Friday, September 20th. Morgan Stanley raised their price objective on Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Tuesday, December 17th. Oppenheimer reaffirmed 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. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $50.77.

Corning Stock Performance

Shares of GLW stock traded up $0.59 during trading hours on Friday, hitting $49.83. The company's stock had a trading volume of 5,472,683 shares, compared to its average volume of 3,929,716. The stock has a market cap of $42.66 billion, a PE ratio of 293.12, a price-to-earnings-growth ratio of 1.28 and a beta of 1.04. Corning Incorporated has a 12-month low of $29.82 and a 12-month high of $51.03. The company has a 50 day moving average of $47.92 and a 200 day moving average of $44.92. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last posted 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. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm's revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.45 earnings per share. On average, sell-side analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction 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 transaction, 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. 0.45% of the stock is owned by corporate insiders.

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.