Red Door Wealth Management LLC Takes $874,000 Position in Corning Incorporated (NYSE:GLW)

Red Door Wealth Management LLC acquired a new position in Corning Incorporated (NYSE:GLW) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 18,388 shares of the electronics maker’s stock, valued at approximately $874,000.

Several other institutional investors have also made changes to their positions in the stock. City Holding Co. lifted its position in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after buying an additional 600 shares during the last quarter. Rosenberg Matthew Hamilton grew its position in Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after acquiring an additional 500 shares during the last quarter. Cassady Schiller Wealth Management LLC acquired a new position in Corning in the 3rd quarter worth about $39,000. RPg Family Wealth Advisory LLC bought a new position in Corning in the third quarter valued at about $40,000. Finally, Global Trust Asset Management LLC boosted its stake 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 valued at $42,000 after purchasing an additional 900 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Down 0.1 %

Shares of GLW opened at $53.96 on Friday. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $46.20 billion, a P/E ratio of 317.40, a P/E/G ratio of 1.46 and a beta of 1.04. The firm has a fifty day moving average price of $48.18 and a 200-day moving average price of $45.36. Corning Incorporated has a 12-month low of $30.31 and a 12-month high of $54.53.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS 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 business had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the previous year, the company posted $0.45 earnings per share. The firm’s revenue was up 6.9% on a year-over-year basis. Equities research analysts expect that Corning Incorporated will post 1.95 earnings per share for the current year.

Analyst Upgrades and Downgrades

GLW has been the topic of several recent research reports. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. JPMorgan Chase & Co. boosted their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Morgan Stanley lifted their price objective on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Barclays raised their price objective on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Finally, StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $51.31.

Insider Activity at Corning

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 stock was sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 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 approximately $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

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.