SteelPeak Wealth LLC Sells 1,000 Shares of Corning Incorporated (NYSE:GLW)

SteelPeak Wealth LLC trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 13.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,481 shares of the electronics maker’s stock after selling 1,000 shares during the quarter. SteelPeak Wealth LLC’s holdings in Corning were worth $308,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Wellington Management Group LLP grew its position in shares of Corning by 0.3% during the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock valued at $1,771,029,000 after acquiring an additional 133,214 shares during the period. State Street Corp grew its holdings in Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after purchasing an additional 1,242,718 shares during the period. Charles Schwab Investment Management Inc. increased its position in Corning by 0.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock worth $219,116,000 after buying an additional 38,168 shares in the last quarter. FMR LLC raised its stake in shares of Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after buying an additional 1,285,836 shares during the period. Finally, Stifel Financial Corp lifted its position in shares of Corning by 1.9% during the 3rd quarter. Stifel Financial Corp now owns 2,810,435 shares of the electronics maker’s stock valued at $126,893,000 after buying an additional 52,667 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction on 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.

Corning Trading Up 0.3 %

Shares of NYSE GLW opened at $49.93 on Friday. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The company has a market cap of $42.75 billion, a price-to-earnings ratio of 293.68, a PEG ratio of 1.46 and a beta of 1.04. The business’s 50 day moving average price is $48.67 and its 200-day moving average price is $45.60.

Corning (NYSE:GLW) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. On average, sell-side analysts expect that Corning Incorporated will post 1.95 earnings per share for the current year.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of recent analyst reports. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Morgan Stanley lifted their target price on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. UBS Group upped their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Oppenheimer reissued an “outperform” rating and set a $58.00 price target (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Finally, Barclays dropped their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Corning 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.