Wallace Advisory Group LLC Sells 3,617 Shares of Corning Incorporated (NYSE:GLW)

Wallace Advisory Group LLC lessened its holdings in Corning Incorporated (NYSE:GLW) by 27.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,423 shares of the electronics maker’s stock after selling 3,617 shares during the quarter. Wallace Advisory Group LLC’s holdings in Corning were worth $425,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the business. Franklin Resources Inc. lifted its position in shares of Corning by 48.4% during the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock valued at $8,975,000 after buying an additional 62,514 shares during the last quarter. FMR LLC lifted its position in shares of 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 buying an additional 1,285,836 shares during the last quarter. MBB Public Markets I LLC lifted its position in shares of Corning by 806.7% during the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after buying an additional 57,800 shares during the last quarter. First Financial Bank Trust Division lifted 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 valued at $6,565,000 after buying an additional 29,790 shares during the last quarter. Finally, Transamerica Financial Advisors Inc. lifted its position in shares of Corning by 529.6% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 16,533 shares of the electronics maker’s stock valued at $747,000 after buying an additional 13,907 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Shares of GLW stock opened at $46.62 on Tuesday. The firm has a market cap of $39.92 billion, a P/E ratio of 274.24, a P/E/G ratio of 1.54 and a beta of 1.04. Corning Incorporated has a fifty-two week low of $29.71 and a fifty-two week high of $51.03. The business’s 50 day moving average price is $47.90 and its 200-day moving average price is $44.79. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The company 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 firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. On average, equities research analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of recent research reports. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Morgan Stanley increased their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft increased their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Barclays increased their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. raised their price target on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $50.77.

Insider Buying and Selling at Corning

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 value of $241,950.00. Following the transaction, the senior vice president now directly 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. 0.40% of the stock is owned by company insiders.

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.