Fortress Financial Solutions LLC Buys New Stake in Corning Incorporated (NYSE:GLW)

Fortress Financial Solutions LLC purchased a new stake in Corning Incorporated (NYSE:GLW) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,960 shares of the electronics maker’s stock, valued at approximately $331,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sound Income Strategies LLC boosted its stake in shares of Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after buying an additional 227 shares during the last quarter. Rosenberg Matthew Hamilton lifted its holdings in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after acquiring an additional 500 shares during the period. Cassady Schiller Wealth Management LLC purchased a new stake in Corning in the 3rd quarter worth approximately $39,000. RPg Family Wealth Advisory LLC purchased a new stake in Corning in the 3rd quarter worth approximately $40,000. Finally, Union Bancaire Privee UBP SA acquired a new stake in shares of Corning during the 4th quarter worth approximately $40,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,085 shares of company stock worth $2,345,436. Insiders own 0.40% of the company’s stock.

Corning Stock Down 1.3 %

Shares of GLW opened at $52.35 on Wednesday. The stock has a 50 day moving average price of $49.29 and a 200 day moving average price of $46.02. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The stock has a market capitalization of $44.82 billion, a price-to-earnings ratio of 90.25, a PEG ratio of 1.55 and a beta of 1.03. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33.

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

Wall Street Analyst Weigh In

GLW has been the topic of a number of recent analyst reports. 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. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. HSBC upgraded Corning from a “hold” rating to a “buy” rating and raised their target price for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Finally, UBS Group raised their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Corning has a consensus rating of “Moderate Buy” and an average price target 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.