Corning Incorporated $GLW Shares Purchased by Red Cedar Investment Management LLC

Red Cedar Investment Management LLC grew its holdings in Corning Incorporated (NYSE:GLW) by 13.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 119,052 shares of the electronics maker’s stock after acquiring an additional 14,402 shares during the period. Corning comprises 1.1% of Red Cedar Investment Management LLC’s holdings, making the stock its 17th biggest position. Red Cedar Investment Management LLC’s holdings in Corning were worth $9,766,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Corning by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 97,952,109 shares of the electronics maker’s stock worth $5,151,301,000 after purchasing an additional 1,582,895 shares during the period. State Street Corp raised its position in shares of Corning by 1.4% in the second quarter. State Street Corp now owns 36,568,973 shares of the electronics maker’s stock worth $1,923,162,000 after acquiring an additional 509,013 shares during the period. Geode Capital Management LLC boosted its stake in shares of Corning by 0.6% during the 2nd quarter. Geode Capital Management LLC now owns 19,443,525 shares of the electronics maker’s stock worth $1,018,629,000 after acquiring an additional 112,739 shares in the last quarter. Ameriprise Financial Inc. increased its stake in shares of Corning by 8.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 13,763,148 shares of the electronics maker’s stock valued at $724,432,000 after purchasing an additional 1,036,988 shares in the last quarter. Finally, Norges Bank acquired a new position in Corning in the 2nd quarter worth about $534,936,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Corning news, SVP Stefan Becker sold 12,100 shares of the stock in a transaction that occurred on Wednesday, October 29th. The stock was sold at an average price of $91.28, for a total transaction of $1,104,488.00. Following the completion of the sale, the senior vice president directly owned 5,049 shares of the company’s stock, valued at approximately $460,872.72. This trade represents a 70.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Eric S. Musser sold 100,000 shares of Corning stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $90.17, for a total transaction of $9,017,000.00. Following the completion of the transaction, the insider owned 44,926 shares in the company, valued at approximately $4,050,977.42. This trade represents a 69.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 156,135 shares of company stock worth $14,088,769. Insiders own 0.32% of the company’s stock.

Corning Price Performance

Corning stock opened at $95.06 on Tuesday. The company has a market capitalization of $81.50 billion, a price-to-earnings ratio of 60.16, a price-to-earnings-growth ratio of 1.64 and a beta of 1.13. The company’s 50 day simple moving average is $87.91 and its 200-day simple moving average is $78.88. Corning Incorporated has a 1 year low of $37.31 and a 1 year high of $96.64. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.00 and a current ratio of 1.56.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 28th. The electronics maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.01. The business had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.24 billion. Corning had a return on equity of 18.12% and a net margin of 9.16%.The business’s quarterly revenue was up 20.9% on a year-over-year basis. During the same quarter last year, the company earned $0.54 EPS. As a group, equities research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Analyst Ratings Changes

GLW has been the subject of a number of recent analyst reports. Oppenheimer set a $100.00 price objective on Corning and gave the company an “outperform” rating in a research report on Wednesday, October 29th. Argus raised their price objective on Corning from $68.00 to $110.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. UBS Group reiterated a “buy” rating and issued a $109.00 target price (up from $100.00) on shares of Corning in a research report on Friday, November 21st. Weiss Ratings restated a “buy (b-)” rating on shares of Corning in a research report on Monday, December 29th. Finally, Morgan Stanley increased their price objective on shares of Corning from $82.00 to $98.00 and gave the company an “equal weight” rating in a report on Wednesday, December 17th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and an average price target of $93.36.

About Corning

Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.

Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.