Moloney Securities Asset Management LLC Sells 5,136 Shares of Corning Incorporated (NYSE:GLW)

Moloney Securities Asset Management LLC lowered its stake in Corning Incorporated (NYSE:GLW) by 6.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 74,694 shares of the electronics maker’s stock after selling 5,136 shares during the period. Moloney Securities Asset Management LLC’s holdings in Corning were worth $3,549,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. West Oak Capital LLC boosted its position in shares of Corning by 0.4% during the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after buying an additional 215 shares during the period. Buffington Mohr McNeal boosted its holdings in shares of Corning by 2.1% in the fourth quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock valued at $497,000 after purchasing an additional 220 shares during the period. Sound Income Strategies LLC boosted its holdings in shares of Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after purchasing an additional 227 shares during the period. Lake Street Advisors Group LLC boosted its holdings in shares of Corning by 4.5% in the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after purchasing an additional 232 shares during the period. Finally, Goelzer Investment Management Inc. boosted its holdings in shares of Corning by 0.4% in the fourth quarter. Goelzer Investment Management Inc. now owns 65,816 shares of the electronics maker’s stock valued at $3,128,000 after purchasing an additional 236 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Citigroup boosted their price target on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Barclays reduced their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. JPMorgan Chase & Co. boosted their price objective on shares of 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 issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, Morgan Stanley upped their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. 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. According to data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Insider Activity

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were 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 $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction dated 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. In the last 90 days, insiders have sold 46,085 shares of company stock valued at $2,345,436. 0.40% of the stock is currently owned by company insiders.

Corning Stock Performance

Shares of GLW stock opened at $52.99 on Friday. The firm has a market capitalization of $45.37 billion, a price-to-earnings ratio of 91.36, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The business has a fifty day moving average of $49.22 and a 200 day moving average of $45.93. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33.

Corning (NYSE:GLW) last posted its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. As a group, research analysts expect that Corning Incorporated will post 2.33 earnings per share 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.