Contravisory Investment Management Inc. reduced its position in shares of Corning Incorporated (NYSE:GLW) by 10.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 168,003 shares of the electronics maker’s stock after selling 20,054 shares during the quarter. Corning comprises 1.9% of Contravisory Investment Management Inc.’s holdings, making the stock its 21st biggest position. Contravisory Investment Management Inc.’s holdings in Corning were worth $5,374,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. GLG Partners LP bought a new stake in shares of Corning in the 2nd quarter valued at about $102,000. MPS Loria Financial Planners LLC bought a new stake in shares of Corning in the 2nd quarter valued at about $112,000. Benjamin F. Edwards & Company Inc. increased its stake in shares of Corning by 241.6% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after acquiring an additional 2,650 shares during the last quarter. Harfst & Associates Inc. increased its stake in shares of Corning by 44.7% in the 2nd quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock valued at $143,000 after acquiring an additional 1,481 shares during the last quarter. Finally, Cable Hill Partners LLC increased its stake in shares of Corning by 1,041.3% in the 3rd quarter. Cable Hill Partners LLC now owns 5,273 shares of the electronics maker’s stock valued at $158,000 after acquiring an additional 4,811 shares during the last quarter. 72.12% of the stock is owned by hedge funds and other institutional investors.

In other Corning news, Director Deborah Rieman sold 2,083 shares of the company’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $32.16, for a total transaction of $66,989.28. Following the completion of the transaction, the director now owns 102,896 shares of the company’s stock, valued at approximately $3,309,135.36. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Wendell P. Weeks sold 248,857 shares of the company’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $31.37, for a total value of $7,806,644.09. Following the transaction, the chief executive officer now directly owns 65,333 shares of the company’s stock, valued at approximately $2,049,496.21. The disclosure for this sale can be found here. Insiders sold a total of 348,320 shares of company stock valued at $10,996,824 over the last quarter. 0.59% of the stock is owned by insiders.

Shares of Corning Incorporated (NYSE GLW) remained flat at $$34.85 on Thursday. 5,950,000 shares of the company traded hands, compared to its average volume of 4,980,000. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.14 and a current ratio of 2.69. Corning Incorporated has a 1-year low of $24.25 and a 1-year high of $35.07. The firm has a market capitalization of $30,290.00, a price-to-earnings ratio of 14.83, a price-to-earnings-growth ratio of 2.81 and a beta of 1.33.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.02. Corning had a return on equity of 11.53% and a net margin of 24.98%. The business had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.59 billion. During the same period in the previous year, the firm earned $0.42 EPS. Corning’s quarterly revenue was up 4.0% compared to the same quarter last year. analysts anticipate that Corning Incorporated will post 1.7 EPS for the current fiscal year.

A number of analysts have recently commented on the company. Guggenheim reaffirmed a “buy” rating and issued a $35.00 price target on shares of Corning in a research note on Tuesday, December 12th. Zacks Investment Research cut Corning from a “hold” rating to a “sell” rating in a research note on Friday, October 20th. Deutsche Bank upped their price target on Corning from $33.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, October 25th. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Finally, Barclays set a $38.00 price objective on Corning and gave the company a “buy” rating in a research report on Wednesday, January 10th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $30.48.

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About Corning

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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