Wealthcare Advisory Partners LLC Buys 3,716 Shares of Corning Incorporated (NYSE:GLW)

Wealthcare Advisory Partners LLC grew its position in Corning Incorporated (NYSE:GLW) by 12.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,027 shares of the electronics maker’s stock after purchasing an additional 3,716 shares during the quarter. Wealthcare Advisory Partners LLC’s holdings in Corning were worth $1,617,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of GLW. West Oak Capital LLC raised 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 acquiring an additional 215 shares during the last quarter. Lake Street Advisors Group LLC raised its stake in shares of Corning by 4.5% in the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after purchasing an additional 232 shares during the last quarter. SteelPeak Wealth LLC lifted its holdings in shares of Corning by 3.3% in the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after purchasing an additional 239 shares in the last quarter. Brown Lisle Cummings Inc. boosted its position in shares of Corning by 1.5% during the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after buying an additional 250 shares during the last quarter. Finally, Allworth Financial LP grew its holdings in Corning by 1.3% during the third quarter. Allworth Financial LP now owns 19,361 shares of the electronics maker’s stock worth $874,000 after buying an additional 251 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GLW has been the topic of several recent analyst reports. Morgan Stanley raised their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. UBS Group boosted their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price objective on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft boosted their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Barclays increased their price target on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $50.77.

Corning Stock Up 1.2 %

Corning stock opened at $49.83 on Friday. The firm has a 50 day simple moving average of $47.96 and a 200 day simple moving average of $45.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1-year low of $29.82 and a 1-year high of $51.03. The firm has a market capitalization of $42.66 billion, a price-to-earnings ratio of 293.12, a P/E/G ratio of 1.28 and a beta of 1.04.

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, topping analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.45 EPS. On average, analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

Insider Activity

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the business’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 value of $435,722.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. This trade represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.45% of the stock is owned by company insiders.

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.