Corning Incorporated (NYSE:GLW) Shares Acquired by RMR Wealth Builders

RMR Wealth Builders increased its stake in Corning Incorporated (NYSE:GLW) by 6.5% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 27,367 shares of the electronics maker’s stock after acquiring an additional 1,661 shares during the quarter. RMR Wealth Builders’ holdings in Corning were worth $1,300,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC lifted its position in shares of Corning by 0.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 1,267,915 shares of the electronics maker’s stock worth $57,246,000 after purchasing an additional 5,302 shares in the last quarter. Baker Tilly Wealth Management LLC boosted its stake in shares of Corning by 4.3% during the 4th quarter. Baker Tilly Wealth Management LLC now owns 6,747 shares of the electronics maker’s stock valued at $321,000 after buying an additional 279 shares during the period. Fulton Bank N.A. acquired a new position in shares of Corning in the fourth quarter worth $301,000. Bangor Savings Bank increased its stake in shares of Corning by 1.7% in the fourth quarter. Bangor Savings Bank now owns 36,695 shares of the electronics maker’s stock worth $1,744,000 after acquiring an additional 606 shares during the last quarter. Finally, Bard Financial Services Inc. raised its position in Corning by 16.6% during the fourth quarter. Bard Financial Services Inc. now owns 42,125 shares of the electronics maker’s stock valued at $2,002,000 after acquiring an additional 6,000 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Price Performance

Shares of NYSE:GLW traded down $0.71 during trading on Friday, reaching $47.02. The stock had a trading volume of 4,236,286 shares, compared to its average volume of 3,804,373. The stock has a market capitalization of $40.26 billion, a PE ratio of 276.59, a P/E/G ratio of 1.54 and a beta of 1.04. Corning Incorporated has a 52 week low of $29.71 and a 52 week high of $51.03. The business’s 50-day moving average price is $47.94 and its 200 day moving average price is $44.65. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.45 EPS. As a group, equities analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on GLW shares. Oppenheimer reissued an “outperform” rating and set a $58.00 price objective (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. UBS Group raised their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. upped their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Bank of America raised their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Finally, StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average price target of $50.77.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the 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. Corporate insiders own 0.40% of the company’s stock.

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.