Appleton Partners Inc. MA Cuts Stock Position in Corning Incorporated (NYSE:GLW)

Appleton Partners Inc. MA trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 0.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 42,499 shares of the electronics maker’s stock after selling 327 shares during the quarter. Appleton Partners Inc. MA’s holdings in Corning were worth $2,020,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. West Oak Capital LLC boosted its stake in Corning by 0.4% in the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after acquiring an additional 215 shares in the last quarter. Buffington Mohr McNeal grew its stake in Corning by 2.1% during the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock worth $497,000 after buying an additional 220 shares during the last quarter. Sound Income Strategies LLC increased its position in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after buying an additional 227 shares in the last quarter. Lake Street Advisors Group LLC raised its stake in Corning by 4.5% in the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after buying an additional 232 shares during the last quarter. Finally, Goelzer Investment Management Inc. boosted its holdings in Corning by 0.4% in the fourth quarter. Goelzer Investment Management Inc. now owns 65,816 shares of the electronics maker’s stock worth $3,128,000 after acquiring an additional 236 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Performance

GLW opened at $52.99 on Friday. The firm has a fifty day moving average price of $49.13 and a 200 day moving average price of $45.88. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The stock has a market cap of $45.37 billion, a P/E ratio of 91.36, a P/E/G ratio of 1.55 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Equities research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Insider Activity

In other news, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,085 shares of company stock worth $2,345,436 over the last three months. 0.40% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

GLW has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Oppenheimer reissued an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Morgan Stanley raised their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Finally, JPMorgan Chase & Co. raised their price objective on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Company 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.