Fortress Financial Solutions LLC Buys Shares of 6,960 Corning Incorporated (NYSE:GLW)

Fortress Financial Solutions LLC purchased a new position in shares of Corning Incorporated (NYSE:GLW) in the fourth quarter, HoldingsChannel reports. The firm purchased 6,960 shares of the electronics maker’s stock, valued at approximately $331,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Northstar Advisory Group LLC increased its position in shares of Corning by 258.4% during the fourth quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock valued at $5,883,000 after acquiring an additional 89,268 shares during the last quarter. Franklin Resources Inc. increased its holdings in Corning by 48.4% in the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock valued at $8,975,000 after purchasing an additional 62,514 shares during the last quarter. FMR LLC raised its position in Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the period. Fifth Third Bancorp lifted its stake in Corning by 16.8% during the fourth quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock worth $5,296,000 after purchasing an additional 16,001 shares in the last quarter. Finally, First Financial Bank Trust Division boosted its position in shares of Corning by 27.5% during the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock worth $6,565,000 after buying an additional 29,790 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Price Performance

Corning stock opened at $52.35 on Wednesday. The stock has a market cap of $44.82 billion, a P/E ratio of 90.25, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The company has a fifty day simple moving average of $49.29 and a 200-day simple moving average of $46.02. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33.

Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping 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 analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Insider Activity

In related news, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. In the last three months, insiders sold 46,085 shares of company stock valued at $2,345,436. Insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on GLW. UBS Group boosted their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Barclays cut their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. JPMorgan Chase & Co. upped their target price 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. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target 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.