RMR Wealth Builders Boosts Stake in Corning Incorporated (NYSE:GLW)

RMR Wealth Builders raised its stake in Corning Incorporated (NYSE:GLW) by 6.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,367 shares of the electronics maker’s stock after buying an additional 1,661 shares during the period. RMR Wealth Builders’ holdings in Corning were worth $1,300,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Northstar Advisory Group LLC lifted its stake in shares of Corning by 258.4% in the 4th 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. boosted its holdings in shares of Corning by 48.4% during the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock valued at $8,975,000 after buying an additional 62,514 shares in the last quarter. FMR LLC grew its holdings in 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 purchasing an additional 1,285,836 shares during the period. MBB Public Markets I LLC increased its position 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 buying an additional 57,800 shares in the last quarter. Finally, First Financial Bank Trust Division increased its stake in Corning by 27.5% during 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 in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on GLW shares. JPMorgan Chase & Co. increased their price objective on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Morgan Stanley raised their price target on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Bank of America lifted their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Oppenheimer restated an “outperform” rating and set a $58.00 price objective (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.77.

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s 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 transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.45% of the company’s stock.

Corning Stock Performance

NYSE:GLW opened at $48.87 on Thursday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The stock has a 50-day simple moving average of $47.91 and a two-hundred day simple moving average of $44.85. The firm has a market capitalization of $41.84 billion, a PE ratio of 287.47, a P/E/G ratio of 1.28 and a beta of 1.04. Corning Incorporated has a 52-week low of $29.71 and a 52-week high of $51.03.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm’s revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.45 EPS. Analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.

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.