Corning Incorporated (NYSE:GLW) Shares Sold by Long Run Wealth Advisors LLC

Long Run Wealth Advisors LLC trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 6.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 26,696 shares of the electronics maker’s stock after selling 1,827 shares during the period. Long Run Wealth Advisors LLC’s holdings in Corning were worth $1,269,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GLW. Czech National Bank grew its position in Corning by 6.8% during the 3rd quarter. Czech National Bank now owns 156,883 shares of the electronics maker’s stock worth $7,083,000 after purchasing an additional 9,970 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Corning by 236.7% during the 3rd quarter. GAMMA Investing LLC now owns 6,875 shares of the electronics maker’s stock valued at $310,000 after buying an additional 4,833 shares during the period. Miracle Mile Advisors LLC boosted its stake in shares of Corning by 2.6% during the 3rd quarter. Miracle Mile Advisors LLC now owns 14,461 shares of the electronics maker’s stock valued at $653,000 after buying an additional 373 shares during the period. Mather Group LLC. boosted its stake in shares of Corning by 17.8% during the 3rd quarter. Mather Group LLC. now owns 2,630 shares of the electronics maker’s stock valued at $119,000 after buying an additional 398 shares during the period. Finally, Atomi Financial Group Inc. acquired a new stake in shares of Corning during the 3rd quarter valued at $217,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. Over the last three months, insiders have sold 46,085 shares of company stock worth $2,345,436. Corporate insiders own 0.45% of the company’s stock.

Corning Stock Performance

NYSE GLW opened at $53.31 on Thursday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The stock has a market cap of $45.64 billion, a P/E ratio of 91.91, a PEG ratio of 1.51 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 company’s 50-day simple moving average is $48.92 and its 200 day simple moving average is $45.76.

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 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%. As a group, research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on GLW shares. Morgan Stanley lifted their target price on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and lifted their price objective for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Company 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.