Diversify Wealth Management LLC Decreases Holdings in Corning Incorporated (NYSE:GLW)

Diversify Wealth Management LLC reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 4.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,820 shares of the electronics maker’s stock after selling 660 shares during the quarter. Diversify Wealth Management LLC’s holdings in Corning were worth $698,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. City Holding Co. raised its holdings in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares during the period. Rosenberg Matthew Hamilton raised its stake in shares of 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 acquiring an additional 500 shares during the period. Cassady Schiller Wealth Management LLC purchased a new position in shares of Corning during the 3rd quarter worth about $39,000. RPg Family Wealth Advisory LLC bought a new position in Corning during the 3rd quarter valued at about $40,000. Finally, Global Trust Asset Management LLC raised its position in Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Performance

Shares of Corning stock opened at $51.58 on Wednesday. The company has a market capitalization of $44.17 billion, a PE ratio of 303.43, a P/E/G ratio of 1.35 and a beta of 1.04. The company has a 50-day simple moving average of $47.98 and a two-hundred day simple moving average of $45.16. Corning Incorporated has a one year low of $30.30 and a one year high of $52.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66.

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

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Barclays upped their target price on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. UBS Group lifted 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. JPMorgan Chase & Co. upped their price target on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Finally, Oppenheimer restated an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and an average price target of $51.31.

Insider Transactions at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Insiders own 0.45% of the company’s stock.

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.