Miracle Mile Advisors LLC Acquires 7,883 Shares of Corning Incorporated (NYSE:GLW)

Miracle Mile Advisors LLC lifted its holdings in Corning Incorporated (NYSE:GLW) by 54.5% in the fourth quarter, Holdings Channel reports. The fund owned 22,344 shares of the electronics maker’s stock after purchasing an additional 7,883 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Corning were worth $1,062,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. City Holding Co. lifted its holdings in shares of Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 600 shares during the last quarter. Cassady Schiller Wealth Management LLC purchased a new stake in Corning in the 3rd quarter worth about $39,000. RPg Family Wealth Advisory LLC purchased a new stake in Corning in the 3rd quarter worth about $40,000. Global Trust Asset Management LLC raised its position in Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares during the period. Finally, Venturi Wealth Management LLC raised its position in Corning by 90.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock worth $45,000 after purchasing an additional 473 shares during the period. Institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Barclays increased their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Bank of America increased their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. UBS Group increased their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Finally, Morgan Stanley raised their target price on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and an average price target of $50.77.

Insider Activity at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’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 value of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 that occurred 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. 0.40% of the stock is currently owned by corporate insiders.

Corning Stock Performance

Shares of GLW stock opened at $47.45 on Wednesday. The firm has a market cap of $40.63 billion, a price-to-earnings ratio of 279.12, a PEG ratio of 1.54 and a beta of 1.04. The company’s 50 day moving average is $47.91 and its 200 day moving average is $44.85. 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 Incorporated has a 52-week low of $29.71 and a 52-week high of $51.03.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. Corning’s revenue was up 6.9% compared to the same quarter last year. During the same period last year, the company posted $0.45 earnings per share. On average, sell-side analysts anticipate that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning 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.