SS&H Financial Advisors Inc. Sells 500 Shares of Corning Incorporated (NYSE:GLW)

SS&H Financial Advisors Inc. lessened its position in shares of Corning Incorporated (NYSE:GLW) by 0.8% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 61,717 shares of the electronics maker’s stock after selling 500 shares during the quarter. Corning makes up approximately 1.1% of SS&H Financial Advisors Inc.’s investment portfolio, making the stock its 24th largest holding. SS&H Financial Advisors Inc.’s holdings in Corning were worth $2,933,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC boosted its position in shares of Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares in the last quarter. State Street Corp boosted its holdings in shares of Corning by 3.8% during the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after buying an additional 1,242,718 shares in the last quarter. Los Angeles Capital Management LLC grew its position in shares of Corning by 215.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after buying an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC increased its stake in shares of Corning by 4,306.9% in the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock valued at $47,428,000 after acquiring an additional 1,026,626 shares in the last quarter. Finally, Shellback Capital LP acquired a new position in shares of Corning during the 2nd quarter valued at $34,483,000. Institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Corning Price Performance

Shares of NYSE:GLW opened at $47.45 on Wednesday. The company has a 50-day moving average price of $47.91 and a two-hundred day moving average price of $44.85. Corning Incorporated has a twelve month low of $29.71 and a twelve month high of $51.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $40.63 billion, a PE ratio of 279.12, a P/E/G ratio of 1.54 and a beta of 1.04.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion during 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 in the previous year, the business earned $0.45 EPS. Equities analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on GLW shares. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft raised their price objective on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Morgan Stanley upped their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Susquehanna boosted their price target on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. Finally, UBS Group upped their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $50.77.

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.