Silver Lake Advisory LLC Lowers Holdings in Corning Incorporated (NYSE:GLW)

Silver Lake Advisory LLC lowered its holdings in Corning Incorporated (NYSE:GLW) by 4.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 99,972 shares of the electronics maker’s stock after selling 4,873 shares during the quarter. Corning accounts for 2.1% of Silver Lake Advisory LLC’s holdings, making the stock its 18th largest holding. Silver Lake Advisory LLC’s holdings in Corning were worth $4,751,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. West Oak Capital LLC raised its position 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 purchasing an additional 215 shares during the period. Lake Street Advisors Group LLC boosted its holdings in Corning by 4.5% during the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after acquiring an additional 232 shares during the period. Grove Bank & Trust grew its position in Corning by 14.6% in the 4th quarter. Grove Bank & Trust now owns 1,858 shares of the electronics maker’s stock valued at $88,000 after acquiring an additional 237 shares in the last quarter. SteelPeak Wealth LLC increased its stake in Corning by 3.3% during the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock worth $338,000 after purchasing an additional 239 shares during the period. Finally, Brown Lisle Cummings Inc. lifted its position in shares of Corning by 1.5% during the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock worth $770,000 after purchasing an additional 250 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Ratings Changes

GLW has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. UBS Group upped their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Barclays lifted their target price on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Morgan Stanley upped their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Finally, StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $51.31.

Corning Stock Down 0.1 %

Shares of NYSE GLW opened at $53.96 on Friday. The business has a 50-day moving average price of $48.18 and a 200 day moving average price of $45.36. The stock has a market cap of $46.20 billion, a PE ratio of 317.40, a price-to-earnings-growth ratio of 1.46 and a beta of 1.04. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 52-week low of $30.31 and a 52-week high of $54.53.

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

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s 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 completion of the sale, the senior vice president now owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

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.