First Citizens Financial Corp Buys 500 Shares of Corning Incorporated (NYSE:GLW)

First Citizens Financial Corp grew its stake in Corning Incorporated (NYSE:GLW) by 5.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,517 shares of the electronics maker’s stock after buying an additional 500 shares during the period. First Citizens Financial Corp’s holdings in Corning were worth $500,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. City Holding Co. lifted its holdings in shares of Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 600 shares during the last quarter. Cassady Schiller Wealth Management LLC purchased a new position in Corning in the 3rd quarter worth $39,000. RPg Family Wealth Advisory LLC bought a new stake in Corning in the third quarter worth $40,000. Global Trust Asset Management LLC boosted its position in Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after buying an additional 900 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Corning during the third quarter valued at about $45,000. Institutional investors own 69.80% of the company’s stock.

Corning Stock Up 1.1 %

GLW stock traded up $0.53 during trading on Friday, hitting $47.24. 1,125,687 shares of the stock traded hands, compared to its average volume of 3,027,058. The stock has a market cap of $40.45 billion, a price-to-earnings ratio of 277.88, a price-to-earnings-growth ratio of 1.54 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. Corning Incorporated has a 1 year low of $29.71 and a 1 year high of $51.03. The firm’s 50 day moving average is $47.91 and its two-hundred day moving average is $44.37.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the firm earned $0.45 earnings per share. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Corning Incorporated will post 1.95 EPS for the current year.

Insider Activity at Corning

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Oppenheimer restated an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. JPMorgan Chase & Co. upped their price target on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. UBS Group raised their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Finally, Susquehanna boosted their price objective on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.77.

Corning Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.