Kwmg LLC Sells 10,201 Shares of Corning Incorporated (NYSE:GLW)

Kwmg LLC reduced its holdings in Corning Incorporated (NYSE:GLW) by 6.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 137,125 shares of the electronics maker’s stock after selling 10,201 shares during the quarter. Kwmg LLC’s holdings in Corning were worth $6,516,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Franklin Resources Inc. increased its position in Corning by 48.4% in the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock worth $8,975,000 after buying an additional 62,514 shares during the period. FMR LLC increased its position in Corning by 52.8% during 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. MBB Public Markets I LLC raised its stake in Corning by 806.7% during the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after purchasing an additional 57,800 shares during the last quarter. First Financial Bank Trust Division boosted its holdings in Corning by 27.5% in the 4th quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock valued at $6,565,000 after purchasing an additional 29,790 shares during the period. Finally, Transamerica Financial Advisors Inc. boosted its holdings in Corning by 529.6% in the 3rd quarter. Transamerica Financial Advisors Inc. now owns 16,533 shares of the electronics maker’s stock valued at $747,000 after purchasing an additional 13,907 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on GLW shares. Morgan Stanley upped their price objective 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. Deutsche Bank Aktiengesellschaft upped their price target on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Barclays boosted their price objective on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. 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. Finally, StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $50.77.

Corning Price Performance

Shares of NYSE:GLW traded down $0.50 during midday trading on Monday, reaching $46.62. The company’s stock had a trading volume of 3,543,772 shares, compared to its average volume of 3,730,043. The business’s fifty day simple moving average is $47.91 and its 200-day simple moving average is $44.73. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. Corning Incorporated has a fifty-two week low of $29.71 and a fifty-two week high of $51.03. The company has a market capitalization of $39.92 billion, a P/E ratio of 274.24, a P/E/G ratio of 1.54 and a beta of 1.04.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. 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 firm posted $0.45 earnings per share. The company’s revenue was up 6.9% on a year-over-year basis. As a group, equities research analysts expect that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction that occurred 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 sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

About Corning

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.