[ad_1]
AdvisorNet Financial Inc lowered its position in shares of Corning Incorporated (NYSE:GLW – Free Report) by 10.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,033 shares of the electronics maker’s stock after selling 829 shares during the period. AdvisorNet Financial Inc’s holdings in Corning were worth $334,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. City Holding Co. boosted its position in shares of Corning by 545.5% during 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 in the last quarter. Cassady Schiller Wealth Management LLC purchased a new position in Corning in the third quarter valued at approximately $39,000. RPg Family Wealth Advisory LLC acquired a new stake in Corning during the third quarter worth approximately $40,000. Global Trust Asset Management LLC lifted its position in shares of Corning by 2,250.0% during the 3rd 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 position in shares of Corning in the 3rd quarter valued at $45,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.
Corning Stock Performance
Shares of GLW stock opened at $49.24 on Friday. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12-month low of $29.71 and a 12-month high of $51.03. The company has a market cap of $42.16 billion, a price-to-earnings ratio of 289.64, a price-to-earnings-growth ratio of 1.28 and a beta of 1.04. The stock has a 50 day simple moving average of $47.92 and a 200-day simple moving average of $44.92.
Corning (NYSE:GLW – Get Free Report) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. 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 company earned $0.45 earnings per share. Corning’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, equities analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.
Insiders Place Their Bets
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 transaction of $435,722.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction on 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 sale, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This trade represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
GLW has been the topic of several research analyst reports. UBS Group lifted their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Deutsche Bank Aktiengesellschaft lifted their price target on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Bank of America increased their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $50.77.
Check Out Our Latest Analysis on GLW
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.
Further Reading
Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW – Free Report).
Receive News & Ratings for Corning Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Corning and related companies with MarketBeat.com’s FREE daily email newsletter.
[ad_2]
Source link
