Marcum Wealth LLC Cuts Stock Position in Corning Incorporated (NYSE:GLW)

Marcum Wealth LLC lessened its stake in Corning Incorporated (NYSE:GLW) by 11.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,483 shares of the electronics maker’s stock after selling 923 shares during the period. Marcum Wealth LLC’s holdings in Corning were worth $356,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GLW. Acadian Asset Management LLC grew its stake in Corning by 384.5% in the second quarter. Acadian Asset Management LLC now owns 16,779 shares of the electronics maker’s stock valued at $650,000 after purchasing an additional 13,316 shares during the last quarter. DekaBank Deutsche Girozentrale grew its stake in Corning by 8.7% in the second quarter. DekaBank Deutsche Girozentrale now owns 179,113 shares of the electronics maker’s stock valued at $6,984,000 after purchasing an additional 14,347 shares during the last quarter. Parallel Advisors LLC grew its stake in Corning by 2.1% in the second quarter. Parallel Advisors LLC now owns 21,470 shares of the electronics maker’s stock valued at $834,000 after purchasing an additional 440 shares during the last quarter. Wealthspire Advisors LLC grew its stake in Corning by 19.0% in the second quarter. Wealthspire Advisors LLC now owns 7,432 shares of the electronics maker’s stock valued at $289,000 after purchasing an additional 1,187 shares during the last quarter. Finally, WINTON GROUP Ltd acquired a new stake in Corning in the second quarter worth about $203,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on GLW. Susquehanna raised their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Deutsche Bank Aktiengesellschaft raised their price target on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Morgan Stanley raised 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. JPMorgan Chase & Co. raised their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Finally, Bank of America raised their price target on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $50.77.

Insider Buying and Selling at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’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 value of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were 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. 0.40% of the stock is currently owned by corporate insiders.

Corning Trading Up 1.9 %

Shares of NYSE:GLW opened at $47.45 on Wednesday. Corning Incorporated has a 12-month low of $29.71 and a 12-month high of $51.03. The company has a market capitalization of $40.63 billion, a PE ratio of 279.12, a PEG ratio of 1.54 and a beta of 1.04. The business has a 50 day moving average of $47.91 and a two-hundred day moving average of $44.85. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

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

Corning 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.