Corning Incorporated (NYSE:GLW) Stake Reduced by Fruth Investment Management


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Fruth Investment Management trimmed its stake in Corning Incorporated (NYSE:GLW) by 2.1% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 23,600 shares of the electronics maker’s stock after selling 500 shares during the quarter. Fruth Investment Management’s holdings in Corning were worth $849,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in GLW. Rockbridge Investment Management LCC acquired a new stake in Corning during the 2nd quarter worth about $25,000. Eudaimonia Partners LLC boosted its stake in Corning by 21.2% in the third quarter. Eudaimonia Partners LLC now owns 1,600 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 280 shares in the last quarter. Old North State Trust LLC acquired a new position in Corning in the third quarter worth $27,000. Center for Financial Planning Inc. boosted its stake in Corning by 60.5% in the third quarter. Center for Financial Planning Inc. now owns 849 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 320 shares in the last quarter. Finally, ELM Advisors LLC acquired a new position in Corning in the fourth quarter worth $30,000. Institutional investors and hedge funds own 61.83% of the company’s stock.

In other Corning news, COO Eric S. Musser sold 33,337 shares of the stock in a transaction dated Tuesday, December 1st. The stock was sold at an average price of $37.69, for a total value of $1,256,471.53. Following the completion of the sale, the chief operating officer now directly owns 105,538 shares in the company, valued at $3,977,727.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Li Fang sold 3,409 shares of the stock in a transaction dated Monday, November 9th. The stock was sold at an average price of $36.34, for a total value of $123,883.06. Following the completion of the sale, the insider now owns 1,255 shares of the company’s stock, valued at $45,606.70. The disclosure for this sale can be found here. Insiders sold 68,550 shares of company stock valued at $2,452,425 in the last quarter. 0.47% of the stock is currently owned by corporate insiders.

A number of equities analysts have commented on GLW shares. Oppenheimer reissued a “hold” rating on shares of Corning in a research note on Wednesday, October 28th. Morgan Stanley boosted their price objective on Corning from $32.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 15th. Zacks Investment Research lowered Corning from a “buy” rating to a “hold” rating and set a $38.00 price objective on the stock. in a research note on Tuesday, November 10th. UBS Group started coverage on Corning in a research note on Wednesday, January 6th. They issued a “buy” rating and a $43.00 price objective on the stock. Finally, TheStreet upgraded Corning from a “c+” rating to a “b-” rating in a research report on Friday, December 18th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $35.22.

NYSE GLW traded down $0.35 on Wednesday, reaching $37.11. The company had a trading volume of 210,755 shares, compared to its average volume of 4,764,049. The stock’s 50 day moving average is $36.70 and its 200-day moving average is $33.19. The stock has a market cap of $28.35 billion, a price-to-earnings ratio of 186.35, a PEG ratio of 12.83 and a beta of 1.18. The company has a quick ratio of 1.42, a current ratio of 2.09 and a debt-to-equity ratio of 0.74. Corning Incorporated has a 52 week low of $17.44 and a 52 week high of $38.44.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 27th. The electronics maker reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.93 billion. Corning had a return on equity of 11.50% and a net margin of 2.71%. The firm’s revenue was up 1.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.44 earnings per share. As a group, analysts forecast that Corning Incorporated will post 1.36 EPS for the current year.

Corning Company Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers 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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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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