Stratos Wealth Partners LTD. Decreases Stock Holdings in Corning Incorporated (NYSE:GLW)

Stratos Wealth Partners LTD. lessened its stake in Corning Incorporated (NYSE:GLW) by 1.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 49,864 shares of the electronics maker’s stock after selling 805 shares during the quarter. Stratos Wealth Partners LTD.’s holdings in Corning were worth $2,370,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in GLW. Northstar Advisory Group LLC raised its stake in shares of Corning by 258.4% during the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock worth $5,883,000 after acquiring an additional 89,268 shares in the last quarter. Franklin Resources Inc. grew its holdings in Corning by 48.4% in the third 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 lifted its holdings in shares of Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the last quarter. Fifth Third Bancorp boosted its position in shares of Corning by 16.8% in the 4th quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock worth $5,296,000 after purchasing an additional 16,001 shares in the last quarter. Finally, First Financial Bank Trust Division grew its stake 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 buying an additional 29,790 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Transactions at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were 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 owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. Insiders sold a total of 46,085 shares of company stock valued at $2,345,436 in the last three months. 0.45% of the stock is currently owned by company insiders.

Corning Stock Performance

Shares of NYSE GLW opened at $52.99 on Friday. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The company’s fifty day moving average price is $49.13 and its 200 day moving average price is $45.88. The company has a market capitalization of $45.37 billion, a PE ratio of 91.36, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03.

Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Citigroup raised their price target on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Oppenheimer reissued an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. boosted their price objective on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Finally, HSBC upgraded Corning from a “hold” rating to a “buy” rating and raised their target price for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Three investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and an average target price of $53.00.

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.