Corning Incorporated (NYSE:GLW) Stock Position Lifted by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC grew its holdings in Corning Incorporated (NYSE:GLW) by 0.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,267,915 shares of the electronics maker’s stock after acquiring an additional 5,302 shares during the period. Wealth Enhancement Advisory Services LLC owned 0.15% of Corning worth $57,246,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. City Holding Co. grew its position in Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 600 shares in the last quarter. Cassady Schiller Wealth Management LLC acquired a new stake in shares of Corning in the third quarter worth $39,000. RPg Family Wealth Advisory LLC acquired a new stake in shares of Corning in the third quarter worth $40,000. Global Trust Asset Management LLC lifted its stake in shares of Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after buying an additional 900 shares during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of Corning in the third quarter worth $45,000. 69.80% of the stock is owned by institutional investors.

Corning Trading Down 1.5 %

Shares of GLW stock opened at $47.02 on Friday. Corning Incorporated has a 52-week low of $29.71 and a 52-week high of $51.03. The stock has a market cap of $40.26 billion, a price-to-earnings ratio of 276.59, a P/E/G ratio of 1.54 and a beta of 1.04. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The firm has a fifty day moving average of $47.91 and a 200-day moving average of $44.67.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $3.72 billion. During the same quarter in the prior year, the company posted $0.45 EPS. The business’s revenue was up 6.9% on a year-over-year basis. On average, equities research analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s 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 sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Barclays boosted their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Bank of America upped their target price on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Finally, Oppenheimer reiterated an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Corning has a consensus rating of “Moderate Buy” and an average price target 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.