AdvisorNet Financial Inc Cuts Stake in Corning Incorporated (NYSE:GLW)

AdvisorNet Financial Inc cut its stake in Corning Incorporated (NYSE:GLW) by 10.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,033 shares of the electronics maker’s stock after selling 829 shares during the quarter. AdvisorNet Financial Inc’s holdings in Corning were worth $334,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. City Holding Co. lifted its position in shares of Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 600 shares in the last quarter. Cassady Schiller Wealth Management LLC purchased a new position in Corning in the 3rd quarter valued at $39,000. RPg Family Wealth Advisory LLC acquired a new stake in Corning during the 3rd quarter worth $40,000. Global Trust Asset Management LLC grew its holdings in shares of Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after buying an additional 900 shares in the last quarter. Finally, Venturi Wealth Management LLC raised its position in shares of Corning by 90.8% in the third quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock valued at $45,000 after buying an additional 473 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’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 transaction of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. This represents a 42.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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. Insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on GLW shares. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. UBS Group upped their price target on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Barclays lifted their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. JPMorgan Chase & Co. upped their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Finally, Bank of America lifted their price target on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. 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.com, the company has a consensus rating of “Moderate Buy” and an average price target of $50.77.

Corning Stock Performance

Shares of GLW stock opened at $49.24 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The firm has a market cap of $42.16 billion, a P/E ratio of 289.64, a P/E/G ratio of 1.28 and a beta of 1.04. The firm’s 50 day moving average price is $47.92 and its 200-day moving average price is $44.92. Corning Incorporated has a one year low of $29.71 and a one year high of $51.03.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate 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 return on equity of 13.45% and a net margin of 1.24%. The company’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period last year, the business posted $0.45 earnings per share. As a group, equities research analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

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.