Pathway Financial Advisers LLC Has $1.11 Million Position in Corning Incorporated (NYSE:GLW)

Pathway Financial Advisers LLC lessened its stake in Corning Incorporated (NYSE:GLW) by 97.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 23,267 shares of the electronics maker’s stock after selling 1,027,196 shares during the quarter. Pathway Financial Advisers LLC’s holdings in Corning were worth $1,106,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GLW. CWM LLC grew its stake in Corning by 18.0% in the third quarter. CWM LLC now owns 25,756 shares of the electronics maker’s stock valued at $1,163,000 after purchasing an additional 3,929 shares in the last quarter. Swedbank AB raised its stake in shares of Corning by 60.2% in the 3rd quarter. Swedbank AB now owns 38,314 shares of the electronics maker’s stock valued at $1,730,000 after acquiring an additional 14,403 shares in the last quarter. Jamison Private Wealth Management Inc. raised its position in shares of Corning by 6.3% in the third quarter. Jamison Private Wealth Management Inc. now owns 72,772 shares of the electronics maker’s stock valued at $3,286,000 after purchasing an additional 4,321 shares during the period. Nexus Investment Management ULC grew its stake in Corning by 1.8% in the 3rd quarter. Nexus Investment Management ULC now owns 101,400 shares of the electronics maker’s stock valued at $4,578,000 after buying an additional 1,800 shares during the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its position in Corning by 5.4% during the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 125,349 shares of the electronics maker’s stock worth $5,660,000 after acquiring an additional 6,450 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Down 0.8 %

GLW stock opened at $51.99 on Thursday. The business has a fifty day moving average price of $49.41 and a 200 day moving average price of $46.15. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The stock has a market capitalization of $44.51 billion, a price-to-earnings ratio of 89.64, a P/E/G ratio of 1.55 and a beta of 1.03.

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

Insiders Place Their Bets

In related news, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was 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 trade represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 46,085 shares of company stock valued at $2,345,436. Insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

GLW has been the topic of several research analyst reports. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. UBS Group increased their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and boosted their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Deutsche Bank Aktiengesellschaft boosted their price target on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Citigroup raised their price objective on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently 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.