Alpha Omega Wealth Management LLC Trims Position in Corning Incorporated (NYSE:GLW)

Alpha Omega Wealth Management LLC trimmed its stake in Corning Incorporated (NYSE:GLW) by 1.6% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 103,044 shares of the electronics maker’s stock after selling 1,727 shares during the period. Corning makes up about 0.9% of Alpha Omega Wealth Management LLC’s investment portfolio, making the stock its 28th biggest position. Alpha Omega Wealth Management LLC’s holdings in Corning were worth $4,897,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. FMR LLC grew its holdings in Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after acquiring an additional 1,285,836 shares in the last quarter. State Street Corp boosted its stake in shares of Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after purchasing an additional 1,242,718 shares in the last quarter. Los Angeles Capital Management LLC boosted its stake in shares of Corning by 215.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock valued at $75,740,000 after purchasing an additional 1,145,955 shares in the last quarter. Pathway Financial Advisers LLC increased its holdings in Corning by 4,306.9% during the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock valued at $47,428,000 after buying an additional 1,026,626 shares during the period. Finally, Conning Inc. raised its stake in Corning by 14,556.8% in the third quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock worth $39,778,000 after buying an additional 875,008 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Transactions at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’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 transaction, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. The trade was a 42.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s 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 disclosure for this sale can be found here. Insiders have sold 16,085 shares of company stock worth $787,836 over the last 90 days. 0.40% of the stock is currently owned by company insiders.

Corning Stock Performance

Shares of GLW opened at $52.11 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The stock has a 50-day moving average of $48.78 and a two-hundred day moving average of $45.68. The stock has a market cap of $44.61 billion, a P/E ratio of 89.84, a P/E/G ratio of 1.35 and a beta of 1.04. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33.

Corning (NYSE:GLW) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.01% and a net margin of 3.86%. As a group, research analysts predict that Corning Incorporated will post 2.3 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on GLW shares. Morgan Stanley boosted their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and increased their price target for the company from $51.00 to $60.00 in a research report on Thursday. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Citigroup increased their target price on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

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.