Money Concepts Capital Corp Sells 3,143 Shares of Corning Incorporated (NYSE:GLW)

Money Concepts Capital Corp trimmed its position in Corning Incorporated (NYSE:GLWFree Report) by 4.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 68,966 shares of the electronics maker’s stock after selling 3,143 shares during the period. Money Concepts Capital Corp’s holdings in Corning were worth $3,277,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of GLW. Sound Income Strategies LLC lifted its position in Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after acquiring an additional 227 shares during the last quarter. City Holding Co. increased its position in 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 period. Rosenberg Matthew Hamilton boosted its position in shares of Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after acquiring an additional 500 shares during the period. Union Bancaire Privee UBP SA acquired a new position in shares of Corning in the fourth quarter valued at about $40,000. Finally, Cassady Schiller Wealth Management LLC bought a new position in Corning during the third quarter worth about $39,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. UBS Group lifted their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Citigroup upped their target price on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Finally, Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $53.00.

Check Out Our Latest Stock Analysis on GLW

Corning Price Performance

Shares of NYSE:GLW opened at $52.08 on Wednesday. The firm has a market cap of $44.59 billion, a PE ratio of 89.79, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03. The firm’s fifty day moving average is $48.84 and its 200-day moving average is $45.71. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33.

Corning (NYSE:GLWGet Free Report) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS 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%. Sell-side analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Insider Transactions at Corning

In other news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Eric S. Musser sold 30,000 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 46,085 shares of company stock worth $2,345,436 over the last three months. 0.45% of the stock is owned by company insiders.

About Corning

(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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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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