Pathway Financial Advisers LLC Sells 1,027,196 Shares of Corning Incorporated (NYSE:GLW)

Pathway Financial Advisers LLC decreased its stake in Corning Incorporated (NYSE:GLW) by 97.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 23,267 shares of the electronics maker’s stock after selling 1,027,196 shares during the quarter. Pathway Financial Advisers LLC’s holdings in Corning were worth $1,106,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Sound Income Strategies LLC boosted its stake in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after acquiring an additional 227 shares during the last quarter. Rosenberg Matthew Hamilton raised its holdings in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 500 shares during the period. Global X Japan Co. Ltd. bought a new position in shares of Corning during the fourth quarter worth $40,000. Union Bancaire Privee UBP SA acquired a new position in shares of Corning in the 4th quarter valued at $40,000. Finally, Cassady Schiller Wealth Management LLC bought a new stake in shares of Corning in the 3rd quarter valued at $39,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Down 0.8 %

GLW stock opened at $51.99 on Thursday. The company has a market cap of $44.51 billion, a price-to-earnings ratio of 89.64, a P/E/G ratio of 1.55 and a beta of 1.03. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The business has a 50 day moving average price of $49.41 and a two-hundred day moving average price of $46.15. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Morgan Stanley boosted their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Citigroup raised their price objective on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and upped their target price for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Finally, Oppenheimer reissued an “outperform” rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $53.00.

Insider Activity

In other news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 46,085 shares of company stock valued at $2,345,436 in the last quarter. Company insiders own 0.40% of the company’s stock.

About Corning

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.