Corning Incorporated (NYSE:GLW) Stock Holdings Lessened by Hanson & Doremus Investment Management
Hanson & Doremus Investment Management trimmed its stake in Corning Incorporated (NYSE:GLW) by 0.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 149,815 shares of the electronics maker’s stock after selling 776 shares during the quarter. Corning accounts for 1.3% of Hanson & Doremus Investment Management’s portfolio, making the stock its 13th largest position. Hanson & Doremus Investment Management’s holdings in Corning were worth $4,361,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of GLW. Horan Securities Inc. acquired a new stake in shares of Corning during the 3rd quarter valued at $29,000. B & T Capital Management DBA Alpha Capital Management acquired a new stake in shares of Corning in the 3rd quarter valued at $29,000. Patriot Financial Group Insurance Agency LLC lifted its stake in shares of Corning by 351.9% in the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,220 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 950 shares during the last quarter. Pinebridge Investments L.P. acquired a new stake in shares of Corning in the 2nd quarter valued at $46,000. Finally, Horan Capital Advisors LLC. acquired a new stake in shares of Corning in the 3rd quarter valued at $44,000. Institutional investors and hedge funds own 73.54% of the company’s stock.
Shares of NYSE GLW traded up $0.17 during trading hours on Thursday, hitting $29.84. 1,924,108 shares of the company’s stock were exchanged, compared to its average volume of 4,937,747. Corning Incorporated has a 1-year low of $26.75 and a 1-year high of $35.34. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.71 and a quick ratio of 1.06. The stock has a market capitalization of $22.93 billion, a price-to-earnings ratio of 16.76, a PEG ratio of 2.02 and a beta of 1.14. The company’s 50-day moving average price is $29.04 and its 200-day moving average price is $29.57.
In other news, Director Hansel E. Tookes II sold 2,345 shares of the firm’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $30.00, for a total value of $70,350.00. Following the sale, the director now owns 89,208 shares in the company, valued at $2,676,240. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Martin J. Curran sold 13,254 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $30.00, for a total transaction of $397,620.00. Following the completion of the sale, the vice president now owns 6,529 shares in the company, valued at approximately $195,870. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 82,325 shares of company stock valued at $2,481,690. Corporate insiders own 0.46% of the company’s stock.
Several research firms recently issued reports on GLW. Deutsche Bank lowered shares of Corning from a “buy” rating to a “hold” rating and reduced their price objective for the company from $33.00 to $30.00 in a research note on Wednesday, October 30th. Argus set a $42.00 price objective on shares of Corning and gave the company a “buy” rating in a research note on Wednesday, September 18th. ValuEngine lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Wednesday, December 4th. TheStreet raised shares of Corning from a “c+” rating to a “b-” rating in a research note on Friday, November 8th. Finally, Citigroup reaffirmed a “buy” rating and issued a $34.00 price objective (up previously from $32.00) on shares of Corning in a research note on Wednesday, October 30th. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $32.55.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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