Bartlett & CO. Wealth Management LLC Cuts Stock Position in Corning Incorporated (NYSE:GLW)

Bartlett & CO. Wealth Management LLC lowered its holdings in Corning Incorporated (NYSE:GLW) by 10.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,528 shares of the electronics maker’s stock after selling 894 shares during the period. Bartlett & CO. Wealth Management LLC’s holdings in Corning were worth $358,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Magnus Financial Group LLC purchased a new position in Corning in the fourth quarter worth $308,000. Viking Fund Management LLC boosted its position in Corning by 8.7% in the fourth quarter. Viking Fund Management LLC now owns 250,000 shares of the electronics maker’s stock worth $11,880,000 after purchasing an additional 20,000 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Corning by 223.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 856,878 shares of the electronics maker’s stock valued at $40,719,000 after buying an additional 592,187 shares during the period. Simon Quick Advisors LLC raised its stake in shares of Corning by 34.2% in the fourth quarter. Simon Quick Advisors LLC now owns 6,113 shares of the electronics maker’s stock valued at $290,000 after buying an additional 1,558 shares during the period. Finally, Sheets Smith Wealth Management bought a new stake in shares of Corning in the fourth quarter valued at $207,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on GLW shares. Citigroup boosted their target price on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday. UBS Group boosted their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Morgan Stanley boosted their target price on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Oppenheimer restated an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, Barclays boosted their target price on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $51.31.

Insider Transactions at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was 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 approximately $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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. Company insiders own 0.40% of the company’s stock.

Corning Price Performance

Shares of NYSE GLW opened at $54.22 on Friday. The firm has a market capitalization of $46.43 billion, a P/E ratio of 318.96, a P/E/G ratio of 1.46 and a beta of 1.04. 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 stock’s 50-day simple moving average is $48.32 and its two-hundred day simple moving average is $45.42. Corning Incorporated has a twelve month low of $30.51 and a twelve month high of $54.53.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share 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 analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.45 EPS. As a group, equities analysts anticipate that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Company 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.