LVW Advisors LLC Trims Holdings in Corning Incorporated (NYSE:GLW)

LVW Advisors LLC lessened its stake in Corning Incorporated (NYSE:GLW) by 12.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 6,045 shares of the electronics maker’s stock after selling 864 shares during the quarter. LVW Advisors LLC’s holdings in Corning were worth $287,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Benjamin F. Edwards & Company Inc. raised its stake in shares of Corning by 6.8% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 42,040 shares of the electronics maker’s stock valued at $1,633,000 after purchasing an additional 2,667 shares in the last quarter. Pacer Advisors Inc. raised its stake in Corning by 24.2% during the second quarter. Pacer Advisors Inc. now owns 71,772 shares of the electronics maker’s stock valued at $2,788,000 after buying an additional 14,004 shares in the last quarter. Summit Trail Advisors LLC lifted its holdings in Corning by 60.3% during the 2nd quarter. Summit Trail Advisors LLC now owns 13,160 shares of the electronics maker’s stock worth $511,000 after buying an additional 4,948 shares during the last quarter. Hancock Whitney Corp acquired a new position in shares of Corning in the 2nd quarter worth approximately $211,000. Finally, Profund Advisors LLC increased its holdings in shares of Corning by 7.1% in the 2nd quarter. Profund Advisors LLC now owns 15,593 shares of the electronics maker’s stock valued at $606,000 after acquiring an additional 1,036 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the business’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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Barclays raised their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Oppenheimer restated an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, UBS Group increased 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. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.77.

Corning Stock Performance

Shares of GLW opened at $49.83 on Tuesday. The firm has a 50-day moving average price of $47.96 and a 200 day moving average price of $45.08. The firm has a market capitalization of $42.66 billion, a PE ratio of 293.12, a P/E/G ratio of 1.28 and a beta of 1.04. Corning Incorporated has a 52-week low of $29.82 and a 52-week high of $51.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The firm 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%. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.45 earnings per share. On average, sell-side analysts anticipate 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.