Corning Incorporated (NYSE:GLW) Position Lowered by Boston Private Wealth LLC

Boston Private Wealth LLC decreased its stake in shares of Corning Incorporated (NYSE:GLW) by 15.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,003 shares of the electronics maker’s stock after selling 1,236 shares during the period. Boston Private Wealth LLC’s holdings in Corning were worth $256,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Naples Global Advisors LLC lifted its position in shares of Corning by 2.8% during the third quarter. Naples Global Advisors LLC now owns 198,552 shares of the electronics maker’s stock worth $7,245,000 after purchasing an additional 5,393 shares during the last quarter. First Trust Advisors LP raised its stake in Corning by 1.3% during the second quarter. First Trust Advisors LP now owns 3,003,889 shares of the electronics maker’s stock worth $122,859,000 after acquiring an additional 37,933 shares during the period. Occudo Quantitative Strategies LP raised its stake in Corning by 226.0% during the second quarter. Occudo Quantitative Strategies LP now owns 25,546 shares of the electronics maker’s stock worth $1,045,000 after acquiring an additional 17,710 shares during the period. Members Capital Advisors Inc. raised its stake in Corning by 20.6% during the third quarter. Members Capital Advisors Inc. now owns 43,308 shares of the electronics maker’s stock worth $1,580,000 after acquiring an additional 7,390 shares during the period. Finally, Kwmg LLC raised its stake in Corning by 4.2% during the third quarter. Kwmg LLC now owns 95,032 shares of the electronics maker’s stock worth $3,468,000 after acquiring an additional 3,828 shares during the period. 67.84% of the stock is currently owned by institutional investors and hedge funds.

In related news, insider Li Fang sold 16,866 shares of the firm’s stock in a transaction that occurred on Monday, December 13th. The shares were sold at an average price of $37.48, for a total transaction of $632,137.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.48% of the company’s stock.

Corning stock opened at $37.09 on Friday. The firm has a 50 day simple moving average of $37.75 and a 200-day simple moving average of $38.70. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.77 and a quick ratio of 1.20. The stock has a market capitalization of $31.65 billion, a PE ratio of 38.64, a price-to-earnings-growth ratio of 0.86 and a beta of 1.08. Corning Incorporated has a 12-month low of $35.03 and a 12-month high of $46.82.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 26th. The electronics maker reported $0.56 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.58 by ($0.02). The business had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.63 billion. Corning had a return on equity of 22.27% and a net margin of 12.15%. The company’s quarterly revenue was up 21.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.43 earnings per share. On average, analysts forecast that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Several brokerages have commented on GLW. UBS Group dropped their price target on shares of Corning from $52.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, January 4th. Bank of America dropped their price target on shares of Corning from $51.00 to $48.00 and set a “buy” rating on the stock in a research note on Wednesday, October 27th. Barclays dropped their price target on shares of Corning from $52.00 to $47.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 27th. Susquehanna restated a “neutral” rating and issued a $38.00 price target (down previously from $44.00) on shares of Corning in a research note on Wednesday, October 27th. Finally, The Goldman Sachs Group dropped their price target on shares of Corning from $44.00 to $38.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 27th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Corning currently has an average rating of “Buy” and an average target price of $45.42.

About Corning

Corning, Inc develops and manufactures specialty glass and ceramics. It provides glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications; carrier network and enterprise network products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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