Marcum Wealth LLC Cuts Stock Position in Corning Incorporated (NYSE:GLW)

Marcum Wealth LLC trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 11.0% in the 4th quarter, Holdings Channel reports. The firm owned 7,483 shares of the electronics maker’s stock after selling 923 shares during the period. Marcum Wealth LLC’s holdings in Corning were worth $356,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. City Holding Co. raised its stake in Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares during the last quarter. Cassady Schiller Wealth Management LLC acquired a new position in Corning in the 3rd quarter valued at $39,000. RPg Family Wealth Advisory LLC acquired a new position in Corning in the 3rd quarter valued at $40,000. Global Trust Asset Management LLC raised its stake in Corning by 2,250.0% in the 3rd 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 during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in Corning in the 3rd quarter valued at $45,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Corning

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

Analyst Upgrades and Downgrades

GLW has been the subject of several recent research reports. Bank of America increased their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Susquehanna raised their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft raised their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, UBS Group raised their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $50.77.

Corning Stock Performance

NYSE GLW opened at $47.45 on Wednesday. The stock has a market cap of $40.63 billion, a PE ratio of 279.12, a P/E/G ratio of 1.54 and a beta of 1.04. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a twelve month low of $29.71 and a twelve month high of $51.03. The stock has a fifty day simple moving average of $47.91 and a 200-day simple moving average of $44.85.

Corning (NYSE:GLW) last released its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company’s revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.45 EPS. Equities analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.

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.