Powers Advisory Group LLC Decreases Stock Position in Corning Incorporated (NYSE:GLW)

Powers Advisory Group LLC trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 2.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 7,506 shares of the electronics maker’s stock after selling 214 shares during the quarter. Powers Advisory Group LLC’s holdings in Corning were worth $357,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. FMR LLC grew its stake in shares of Corning by 52.8% in 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 during the period. State Street Corp boosted its holdings in Corning by 3.8% in the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after purchasing an additional 1,242,718 shares during the last quarter. Los Angeles Capital Management LLC grew its position in Corning by 215.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after purchasing an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC lifted its holdings in shares of Corning by 4,306.9% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock valued at $47,428,000 after buying an additional 1,026,626 shares during the period. Finally, Conning Inc. boosted its stake in shares of Corning by 14,556.8% in the 3rd quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock worth $39,778,000 after buying an additional 875,008 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the topic of several research reports. UBS Group raised their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Morgan Stanley boosted their target price on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday. Citigroup raised their price objective on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Finally, HSBC upgraded Corning from a “hold” rating to a “buy” rating and boosted their price objective for the company from $51.00 to $60.00 in a research note on Thursday. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Insider Buying and Selling

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction 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 directly owns 6,700 shares in the company, valued at approximately $324,213. This trade 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 can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was 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 owned by corporate insiders.

Corning Price Performance

GLW stock opened at $49.93 on Friday. The firm has a market capitalization of $42.75 billion, a P/E ratio of 86.08, a price-to-earnings-growth ratio of 1.35 and a beta of 1.04. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The company has a fifty day simple moving average of $48.67 and a two-hundred day simple moving average of $45.60. 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 (NYSE:GLW) last released its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.01% and a net margin of 3.86%. Analysts anticipate that Corning Incorporated will post 2.3 earnings per share for the current fiscal 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.