Wealthcare Advisory Partners LLC Purchases 3,716 Shares of Corning Incorporated (NYSE:GLW)

Wealthcare Advisory Partners LLC increased its holdings in Corning Incorporated (NYSE:GLW) by 12.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,027 shares of the electronics maker’s stock after purchasing an additional 3,716 shares during the quarter. Wealthcare Advisory Partners LLC’s holdings in Corning were worth $1,617,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of GLW. Northstar Advisory Group LLC increased its stake in shares of Corning by 258.4% during the fourth quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock valued at $5,883,000 after buying an additional 89,268 shares during the period. Franklin Resources Inc. increased its position in Corning by 48.4% during the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock valued at $8,975,000 after purchasing an additional 62,514 shares during the period. FMR LLC raised its holdings in Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after purchasing an additional 1,285,836 shares in the last quarter. MBB Public Markets I LLC boosted its stake in shares of Corning by 806.7% during the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after purchasing an additional 57,800 shares in the last quarter. Finally, First Financial Bank Trust Division increased its position in shares of Corning by 27.5% during the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock valued at $6,565,000 after buying an additional 29,790 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on GLW shares. UBS Group raised their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Morgan Stanley lifted their price target 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 upgraded Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Finally, Barclays lifted their price target on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.77.

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 transaction of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at $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 this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction that occurred on 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. 0.45% of the stock is owned by corporate insiders.

Corning Stock Performance

GLW stock opened at $49.83 on Friday. The stock’s 50 day simple moving average is $47.96 and its 200 day simple moving average is $45.03. 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 $29.82 and a 12-month high of $51.03. The stock has a market capitalization of $42.66 billion, a PE ratio of 293.12, a price-to-earnings-growth ratio of 1.28 and a beta of 1.04.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. Corning’s revenue was up 6.9% compared to the same quarter last year. During the same period last year, the firm posted $0.45 earnings per share. As a group, research analysts forecast that Corning Incorporated will post 1.95 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.