Stiles Financial Services Inc Sells 1,719 Shares of Corning Incorporated (NYSE:GLW)

Stiles Financial Services Inc lessened its position in shares of Corning Incorporated (NYSE:GLW) by 7.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,888 shares of the electronics maker’s stock after selling 1,719 shares during the period. Stiles Financial Services Inc’s holdings in Corning were worth $1,088,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Sound Income Strategies LLC boosted its stake in Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after purchasing an additional 227 shares during the period. Rosenberg Matthew Hamilton lifted its holdings in shares of Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after buying an additional 500 shares in the last quarter. Cassady Schiller Wealth Management LLC bought a new stake in shares of Corning in the third quarter valued at about $39,000. RPg Family Wealth Advisory LLC acquired a new position in shares of Corning in the third quarter valued at about $40,000. Finally, Union Bancaire Privee UBP SA bought a new position in Corning during the fourth quarter worth about $40,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on GLW shares. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Deutsche Bank Aktiengesellschaft raised their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Barclays dropped their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. UBS Group raised their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Finally, HSBC raised shares of Corning from a “hold” rating to a “buy” rating and upped their price objective for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Insider Activity

In other news, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was 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 directly owns 152,944 shares in the company, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing 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 that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Insiders sold 46,085 shares of company stock valued at $2,345,436 over the last quarter. 0.40% of the stock is owned by company insiders.

Corning Stock Performance

Shares of Corning stock opened at $52.99 on Monday. The company’s 50 day moving average price is $49.22 and its two-hundred day moving average price is $45.94. The firm has a market capitalization of $45.37 billion, a P/E ratio of 91.36, a P/E/G ratio of 1.55 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, equities analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

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.