Old North State Wealth Management LLC Has $1.90 Million Stake in Corning Incorporated (NYSE:GLW)

Old North State Wealth Management LLC reduced its position in shares of Corning Incorporated (NYSE:GLW) by 57.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,868 shares of the electronics maker’s stock after selling 53,370 shares during the period. Old North State Wealth Management LLC’s holdings in Corning were worth $1,895,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Sound Income Strategies LLC grew its stake in shares of Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after acquiring an additional 227 shares in the last quarter. City Holding Co. boosted its holdings in Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the last quarter. Rosenberg Matthew Hamilton grew its position in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 500 shares in the last quarter. Cassady Schiller Wealth Management LLC bought a new stake in Corning during the third quarter worth about $39,000. Finally, RPg Family Wealth Advisory LLC bought a new position in Corning in the third quarter valued at approximately $40,000. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Performance

Shares of NYSE:GLW opened at $52.08 on Wednesday. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The company’s 50 day moving average price is $48.84 and its two-hundred day moving average price is $45.71. The firm has a market cap of $44.59 billion, a PE ratio of 89.79, a PEG ratio of 1.51 and a beta of 1.03. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its quarterly earnings data 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 15.10% and a net margin of 3.86%. Equities research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Insider Activity at Corning

In related news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the sale, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. Insiders have sold 46,085 shares of company stock valued at $2,345,436 over the last three months. 0.45% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

GLW has been the topic of several analyst reports. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. boosted their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Barclays cut their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Finally, UBS Group lifted 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. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $53.00.

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.