SeaCrest Wealth Management LLC increased its position in Corning Incorporated (NYSE:GLW) by 23.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 15,828 shares of the electronics maker’s stock after acquiring an additional 3,042 shares during the period. SeaCrest Wealth Management LLC’s holdings in Corning were worth $461,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of GLW. Manchester Financial Inc. bought a new position in Corning in the fourth quarter valued at about $25,000. Horan Securities Inc. bought a new stake in shares of Corning during the 3rd quarter valued at about $29,000. B & T Capital Management DBA Alpha Capital Management bought a new stake in shares of Corning during the 3rd quarter valued at about $29,000. Patriot Financial Group Insurance Agency LLC grew its stake in shares of Corning by 351.9% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,220 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 950 shares during the period. Finally, Horan Capital Advisors LLC. bought a new stake in shares of Corning during the 3rd quarter valued at about $44,000. 73.47% of the stock is owned by institutional investors.
In other news, VP Lewis A. Steverson sold 63,381 shares of Corning stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $30.19, for a total transaction of $1,913,472.39. Following the transaction, the vice president now directly owns 18,422 shares of the company’s stock, valued at approximately $556,160.18. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Christine M. Pambianchi sold 1,000 shares of Corning stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $29.78, for a total value of $29,780.00. Following the transaction, the vice president now directly owns 58,036 shares in the company, valued at $1,728,312.08. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 82,325 shares of company stock worth $2,481,690. Insiders own 0.46% of the company’s stock.
Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.44 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.04. Corning had a return on equity of 15.19% and a net margin of 10.41%. The firm had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.87 billion. During the same period in the previous year, the firm earned $0.51 EPS. The business’s quarterly revenue was down 2.5% on a year-over-year basis. Research analysts anticipate that Corning Incorporated will post 1.74 EPS for the current fiscal year.
A number of research firms have issued reports on GLW. ValuEngine downgraded Corning from a “buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Citigroup restated a “buy” rating and set a $34.00 price target (up from $32.00) on shares of Corning in a research note on Wednesday, October 30th. TheStreet upgraded Corning from a “c+” rating to a “b-” rating in a research note on Friday, November 8th. Morgan Stanley downgraded Corning from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $34.00 to $33.00 in a research note on Wednesday, January 8th. Finally, Deutsche Bank downgraded Corning from a “buy” rating to a “hold” rating and cut their price target for the company from $33.00 to $30.00 in a research note on Wednesday, October 30th. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Corning currently has a consensus rating of “Hold” and an average price target of $32.55.
Corning Company Profile
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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