Sadoff Investment Management LLC raised its position in Corning Incorporated (NYSE:GLW) by 0.2% during the fourth quarter, Holdings Channel reports. The fund owned 1,049,169 shares of the electronics maker’s stock after acquiring an additional 2,334 shares during the period. Corning comprises approximately 2.4% of Sadoff Investment Management LLC’s investment portfolio, making the stock its 22nd biggest position. Sadoff Investment Management LLC’s holdings in Corning were worth $30,541,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of GLW. Manchester Financial Inc. bought a new position in Corning in the fourth quarter valued at about $25,000. TRUE Private Wealth Advisors bought a new position in Corning in the fourth quarter valued at about $25,000. Horan Securities Inc. bought a new position in Corning in the third quarter valued at about $29,000. B & T Capital Management DBA Alpha Capital Management bought a new position in Corning in the third quarter valued at about $29,000. Finally, Patriot Financial Group Insurance Agency LLC lifted its holdings in Corning by 351.9% in the third quarter. Patriot Financial Group Insurance Agency LLC now owns 1,220 shares of the electronics maker’s stock valued at $35,000 after acquiring an additional 950 shares during the period. 73.43% of the stock is currently owned by institutional investors.
GLW traded down $0.96 during midday trading on Friday, reaching $26.74. The company had a trading volume of 4,001,489 shares, compared to its average volume of 5,859,491. The company has a quick ratio of 1.06, a current ratio of 2.12 and a debt-to-equity ratio of 0.72. The business has a 50-day moving average of $29.30 and a two-hundred day moving average of $29.27. The company has a market cap of $21.80 billion, a P/E ratio of 25.96, a P/E/G ratio of 1.93 and a beta of 1.14. Corning Incorporated has a 1 year low of $26.75 and a 1 year high of $35.34.
Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.02. Corning had a return on equity of 14.29% and a net margin of 8.35%. The business had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.72 billion. During the same quarter in the prior year, the business posted $0.59 earnings per share. The business’s quarterly revenue was down 7.2% on a year-over-year basis. On average, equities research analysts predict that Corning Incorporated will post 1.75 EPS for the current year.
In related news, VP Lewis A. Steverson sold 63,381 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $30.19, for a total transaction of $1,913,472.39. Following the completion of the sale, the vice president now owns 18,422 shares in the company, valued at $556,160.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Deborah Rieman sold 2,345 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $30.05, for a total value of $70,467.25. Following the sale, the director now owns 103,158 shares of the company’s stock, valued at approximately $3,099,897.90. The disclosure for this sale can be found here. Insiders have sold 78,980 shares of company stock valued at $2,381,560 in the last quarter. 0.46% of the stock is currently owned by company insiders.
A number of analysts have commented on GLW shares. ValuEngine cut Corning from a “buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Susquehanna Bancshares restated a “hold” rating and issued a $25.00 price target on shares of Corning in a research report on Wednesday. TheStreet upgraded Corning from a “c+” rating to a “b-” rating in a research report on Friday, November 8th. Morgan Stanley cut Corning from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $34.00 to $33.00 in a research report on Wednesday, January 8th. Finally, Citigroup restated a “buy” rating and issued a $34.00 price target (up previously from $32.00) on shares of Corning in a research report on Wednesday, October 30th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $32.09.
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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