Walter & Keenan Financial Consulting Co. MI ADV increased its holdings in Corning Incorporated (NYSE:GLW) by 63.2% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 9,460 shares of the electronics maker’s stock after acquiring an additional 3,665 shares during the period. Walter & Keenan Financial Consulting Co. MI ADV’s holdings in Corning were worth $303,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of GLW. GLG Partners LP purchased a new position in Corning in the second quarter worth approximately $102,000. MPS Loria Financial Planners LLC purchased a new position in Corning in the second quarter worth approximately $112,000. Benjamin F. Edwards & Company Inc. grew its position in Corning by 241.6% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock worth $112,000 after acquiring an additional 2,650 shares during the period. Harfst & Associates Inc. boosted its position in shares of Corning by 44.7% during the second quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock worth $143,000 after buying an additional 1,481 shares during the period. Finally, Cable Hill Partners LLC boosted its position in shares of Corning by 1,041.3% during the third quarter. Cable Hill Partners LLC now owns 5,273 shares of the electronics maker’s stock worth $158,000 after buying an additional 4,811 shares during the period. Institutional investors own 72.15% of the company’s stock.
In related news, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of Corning stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $32.42, for a total value of $1,675,335.92. Following the completion of the transaction, the insider now directly owns 136,032 shares in the company, valued at $4,410,157.44. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Deborah Rieman sold 2,083 shares of Corning stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $32.16, for a total value of $66,989.28. Following the completion of the transaction, the director now owns 102,896 shares of the company’s stock, valued at $3,309,135.36. The disclosure for this sale can be found here. Over the last quarter, insiders sold 348,320 shares of company stock valued at $10,996,824. 0.59% of the stock is currently owned by company insiders.
Corning Incorporated (NYSE GLW) traded down $0.15 during trading hours on Tuesday, reaching $34.56. The company had a trading volume of 6,271,966 shares, compared to its average volume of 5,000,000. The stock has a market capitalization of $30,030.00, a price-to-earnings ratio of 14.71, a PEG ratio of 2.83 and a beta of 1.33. Corning Incorporated has a 52-week low of $24.62 and a 52-week high of $35.10. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.14 and a current ratio of 2.69.
Corning (NYSE:GLW) last released its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.02. The firm had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.59 billion. Corning had a return on equity of 11.53% and a net margin of 24.98%. Corning’s revenue was up 4.0% compared to the same quarter last year. During the same period last year, the business posted $0.42 earnings per share. equities analysts anticipate that Corning Incorporated will post 1.7 earnings per share for the current fiscal year.
Several research analysts have recently commented on the company. Barclays set a $38.00 price target on Corning and gave the stock a “buy” rating in a research report on Wednesday, January 10th. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Zacks Investment Research lowered Corning from a “buy” rating to a “hold” rating in a research report on Friday, December 22nd. Guggenheim restated a “buy” rating and set a $35.00 price target on shares of Corning in a research report on Tuesday, December 12th. Finally, Citigroup raised their price target on Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 25th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $30.48.
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Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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