Weatherly Asset Management L. P. Has $2.36 Million Stake in Corning Incorporated (NYSE:GLW)

Weatherly Asset Management L. P. increased its position in shares of Corning Incorporated (NYSE:GLW) by 1.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 49,612 shares of the electronics maker’s stock after purchasing an additional 862 shares during the quarter. Weatherly Asset Management L. P.’s holdings in Corning were worth $2,358,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. West Oak Capital LLC grew its holdings in shares of Corning by 0.4% in the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after purchasing an additional 215 shares during the last quarter. Buffington Mohr McNeal lifted its stake in shares of Corning by 2.1% during the fourth quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock valued at $497,000 after acquiring an additional 220 shares during the period. Sound Income Strategies LLC raised its stake in shares of Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after buying an additional 227 shares during the last quarter. Lake Street Advisors Group LLC boosted its stake in Corning by 4.5% in the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after acquiring an additional 232 shares during the last quarter. Finally, Goelzer Investment Management Inc. grew its holdings in Corning by 0.4% during the 4th quarter. Goelzer Investment Management Inc. now owns 65,816 shares of the electronics maker’s stock worth $3,128,000 after acquiring an additional 236 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the stock. UBS Group upped their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Oppenheimer reissued an “outperform” rating and set a $58.00 price objective (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Citigroup upped their target price on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Finally, HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and increased their price objective for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $53.00.

Insider Activity at Corning

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the sale, 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 position. The disclosure for this sale can be found here. Insiders have sold 46,085 shares of company stock valued at $2,345,436 over the last ninety days. 0.40% of the stock is owned by corporate insiders.

Corning Stock Up 0.1 %

GLW stock opened at $53.02 on Tuesday. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The business’s fifty day moving average price is $49.22 and its two-hundred day moving average price is $45.95. The stock has a market capitalization of $45.39 billion, a price-to-earnings ratio of 91.41, a PEG ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate 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 anticipate that Corning Incorporated will post 2.33 earnings per share for the current 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.