Corning Incorporated (NYSE:GLW) Shares Acquired by KMG Fiduciary Partners LLC

KMG Fiduciary Partners LLC grew its position in Corning Incorporated (NYSE:GLW) by 8.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,376 shares of the electronics maker’s stock after buying an additional 3,904 shares during the quarter. KMG Fiduciary Partners LLC’s holdings in Corning were worth $2,299,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of GLW. Empirical Asset Management LLC acquired a new position in Corning during the 4th quarter worth $1,050,000. Tallon Kerry Patrick purchased a new stake in Corning during the 4th quarter worth about $302,000. Hennion & Walsh Asset Management Inc. lifted its holdings in Corning by 34.2% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 7,994 shares of the electronics maker’s stock worth $380,000 after buying an additional 2,035 shares during the last quarter. RMR Wealth Builders lifted its holdings in Corning by 6.5% during the 4th quarter. RMR Wealth Builders now owns 27,367 shares of the electronics maker’s stock worth $1,300,000 after buying an additional 1,661 shares during the last quarter. Finally, Silverberg Bernstein Capital Management LLC purchased a new stake in Corning during the 4th quarter worth about $207,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Performance

NYSE GLW opened at $49.24 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 business’s 50 day moving average is $47.92 and its two-hundred day moving average is $44.92. Corning Incorporated has a 12-month low of $29.71 and a 12-month high of $51.03. The stock has a market capitalization of $42.16 billion, a price-to-earnings ratio of 289.64, a PEG ratio of 1.28 and a beta of 1.04.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the prior year, the company earned $0.45 EPS. Corning’s revenue was up 6.9% on a year-over-year basis. Research analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Insiders Place Their Bets

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on Monday, November 25th. The stock was 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. Corporate insiders own 0.45% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on GLW. Barclays lifted their price target on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Bank of America boosted their target price on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Oppenheimer reissued an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $50.77.

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.