Wealth Enhancement Advisory Services LLC Buys 5,302 Shares of Corning Incorporated (NYSE:GLW)

by · The Markets Daily

Wealth Enhancement Advisory Services LLC boosted its stake in shares of Corning Incorporated (NYSE:GLW – Free Report) by 0.4% during the fourth quarter, Holdings Channel reports. The fund owned 1,267,915 shares of the electronics maker’s stock after acquiring an additional 5,302 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Corning were worth $57,246,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Franklin Resources Inc. grew its holdings in Corning by 48.4% during the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock worth $8,975,000 after acquiring an additional 62,514 shares during the last quarter. FMR LLC grew its holdings in Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after acquiring an additional 1,285,836 shares during the last quarter. MBB Public Markets I LLC grew its holdings in Corning by 806.7% during the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after acquiring an additional 57,800 shares during the last quarter. First Financial Bank Trust Division grew its holdings in Corning by 27.5% during the 4th quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock worth $6,565,000 after acquiring an additional 29,790 shares during the last quarter. Finally, Transamerica Financial Advisors Inc. grew its holdings in Corning by 529.6% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 16,533 shares of the electronics maker’s stock worth $747,000 after acquiring an additional 13,907 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the topic of several recent research reports. Morgan Stanley raised their target price on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Susquehanna raised their target price 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, Bank of America raised their target price on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Five 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 stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.77.

Read Our Latest Stock Analysis on GLW

Insiders Place Their Bets

In other news, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Corning Stock Performance

Shares of NYSE:GLW opened at $47.02 on Friday. The company has a market capitalization of $40.26 billion, a price-to-earnings ratio of 276.59, a P/E/G ratio of 1.54 and a beta of 1.04. The firm’s 50 day simple moving average is $47.91 and its 200 day simple moving average is $44.67. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. Corning Incorporated has a fifty-two week low of $29.71 and a fifty-two week high of $51.03.

Corning (NYSE:GLW – Get Free Report) last announced its 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 firm had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period last year, the company posted $0.45 EPS. As a group, sell-side analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Company Profile

(Free Report)

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.

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