Green Alpha Advisors LLC Sells 2,473 Shares of Corning Incorporated (NYSE:GLW)

Green Alpha Advisors LLC cut its position in Corning Incorporated (NYSE:GLW) by 7.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,946 shares of the electronics maker’s stock after selling 2,473 shares during the quarter. Corning comprises about 1.1% of Green Alpha Advisors LLC’s portfolio, making the stock its 26th biggest holding. Green Alpha Advisors LLC’s holdings in Corning were worth $1,423,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. City Holding Co. boosted 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 during the period. Cassady Schiller Wealth Management LLC acquired a new stake in Corning in the 3rd quarter worth about $39,000. RPg Family Wealth Advisory LLC acquired a new stake in Corning in the 3rd quarter worth about $40,000. Global Trust Asset Management LLC grew its position in shares of Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares in the last quarter. Finally, Venturi Wealth Management LLC grew its position in shares of Corning by 90.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock worth $45,000 after purchasing an additional 473 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently issued reports on GLW shares. Morgan Stanley boosted their price target on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Susquehanna upped their target price on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Oppenheimer restated an “outperform” rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. UBS Group upped their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. raised their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.77.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares in the company, valued at $324,213. This trade represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

Corning Stock Performance

NYSE GLW opened at $47.02 on Monday. The firm’s fifty day moving average price is $47.91 and its two-hundred day moving average price is $44.73. The stock has a market cap of $40.26 billion, a PE ratio of 276.59, a PEG ratio of 1.54 and a beta of 1.04. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning Incorporated has a fifty-two week low of $29.71 and a fifty-two week high of $51.03.

Corning (NYSE:GLW) last issued its quarterly earnings data 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%. Corning’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.45 EPS. On average, equities analysts expect that Corning Incorporated will post 1.95 EPS for the current fiscal 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.