Weatherly Asset Management L. P. Boosts Holdings in Corning Incorporated (NYSE:GLW)

Weatherly Asset Management L. P. increased its position in shares of Corning Incorporated (NYSE:GLW) by 1.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 49,612 shares of the electronics maker’s stock after purchasing an additional 862 shares during the period. Weatherly Asset Management L. P.’s holdings in Corning were worth $2,358,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Northstar Advisory Group LLC increased its stake in Corning by 258.4% in the fourth quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock worth $5,883,000 after purchasing an additional 89,268 shares during the period. Franklin Resources Inc. grew its stake in Corning by 48.4% in the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock worth $8,975,000 after purchasing an additional 62,514 shares in the last quarter. FMR LLC raised its position in Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Corning by 16.8% in the 4th quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock worth $5,296,000 after buying an additional 16,001 shares during the period. Finally, First Financial Bank Trust Division grew its position in shares of Corning by 27.5% during the 4th quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock worth $6,565,000 after buying an additional 29,790 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Transactions at Corning

In other news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s 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 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,085 shares of company stock valued at $2,345,436. Corporate insiders own 0.40% of the company’s stock.

Corning Price Performance

Corning stock opened at $53.02 on Tuesday. The stock has a market cap of $45.39 billion, a P/E ratio of 91.41, a PEG ratio of 1.55 and a beta of 1.03. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The company has a 50-day moving average price of $49.22 and a 200 day moving average price of $45.95. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33.

Corning (NYSE:GLW) last posted its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping 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 anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft upped their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Oppenheimer restated an “outperform” rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Morgan Stanley lifted their price target on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Finally, Barclays lowered their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $53.00.

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.