Phillips Wealth Planners LLC Has $359,000 Holdings in Corning Incorporated (NYSE:GLW)

Phillips Wealth Planners LLC lessened its stake in Corning Incorporated (NYSE:GLW) by 17.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,611 shares of the electronics maker’s stock after selling 1,658 shares during the quarter. Phillips Wealth Planners LLC’s holdings in Corning were worth $359,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Northstar Advisory Group LLC raised its stake in Corning by 258.4% in the fourth quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock valued at $5,883,000 after purchasing an additional 89,268 shares in the last quarter. Franklin Resources Inc. raised its stake in Corning by 48.4% during the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock worth $8,975,000 after acquiring an additional 62,514 shares in the last quarter. FMR LLC raised its stake in Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after acquiring an additional 1,285,836 shares in the last quarter. MBB Public Markets I LLC raised its stake in Corning by 806.7% during the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after acquiring an additional 57,800 shares in the last quarter. Finally, First Financial Bank Trust Division raised its stake in Corning by 27.5% during the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock worth $6,565,000 after acquiring an additional 29,790 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction that occurred 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 approximately $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on Monday, November 25th. The stock was 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. Company insiders own 0.40% of the company’s stock.

Corning Stock Performance

Shares of GLW stock opened at $54.01 on Thursday. The business’s 50 day simple moving average is $48.05 and its 200 day simple moving average is $45.25. Corning Incorporated has a one year low of $30.30 and a one year high of $54.33. The stock has a market capitalization of $46.24 billion, a PE ratio of 317.69, a PEG ratio of 1.39 and a beta of 1.04. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the business posted $0.45 earnings per share. The firm’s revenue was up 6.9% on a year-over-year basis. As a group, research analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current year.

Wall Street Analysts Forecast Growth

GLW has been the subject of several research analyst reports. JPMorgan Chase & Co. boosted their target price on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Oppenheimer reissued an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. UBS Group boosted their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft boosted their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Morgan Stanley upped their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and an average target price of $51.31.

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.