Corning Incorporated (NYSE:GLW) Shares Purchased by Aaron Wealth Advisors LLC

Aaron Wealth Advisors LLC boosted its holdings in shares of Corning Incorporated (NYSE:GLW) by 18.6% in the fourth quarter, HoldingsChannel.com reports. The fund owned 16,441 shares of the electronics maker’s stock after buying an additional 2,574 shares during the quarter. Aaron Wealth Advisors LLC’s holdings in Corning were worth $781,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Northstar Advisory Group LLC boosted its stake in shares of Corning by 258.4% during the fourth quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock valued at $5,883,000 after acquiring an additional 89,268 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of 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 purchasing an additional 62,514 shares during the last quarter. FMR LLC grew its holdings in shares of Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after buying an additional 1,285,836 shares in the last quarter. MBB Public Markets I LLC raised its position in shares of Corning by 806.7% in the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after buying an additional 57,800 shares during the last quarter. Finally, First Financial Bank Trust Division lifted its stake in shares of Corning by 27.5% during the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock valued at $6,565,000 after buying an additional 29,790 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Price Performance

GLW opened at $49.83 on Monday. Corning Incorporated has a 52-week low of $29.82 and a 52-week high of $51.03. The company has a 50 day moving average of $47.96 and a two-hundred day moving average of $45.08. The company has a market cap of $42.66 billion, a P/E ratio of 293.12, a P/E/G ratio of 1.28 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.

Corning (NYSE:GLW) last announced its quarterly 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. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the company earned $0.45 EPS. The firm’s revenue was up 6.9% on a year-over-year basis. On average, analysts expect that Corning Incorporated will post 1.95 earnings per share for the current year.

Insider Activity

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’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 sale, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’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 0.45% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on GLW. JPMorgan Chase & Co. boosted their price target on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. UBS Group upped 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. Oppenheimer reissued 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. Morgan Stanley upped their price objective 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. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. 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, the company presently 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.