Jeppson Wealth Management LLC Sells 347 Shares of Corning Incorporated (NYSE:GLW)

Jeppson Wealth Management LLC reduced its holdings in Corning Incorporated (NYSE:GLW) by 2.5% during the fourth quarter, Holdings Channel.com reports. The fund owned 13,684 shares of the electronics maker’s stock after selling 347 shares during the quarter. Jeppson Wealth Management LLC’s holdings in Corning were worth $650,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of GLW. FMR LLC raised its stake 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 in the last quarter. State Street Corp lifted its holdings in shares of Corning by 3.8% during the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after acquiring an additional 1,242,718 shares during the last quarter. Los Angeles Capital Management LLC grew its position in Corning by 215.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after acquiring an additional 1,145,955 shares in the last quarter. Pathway Financial Advisers LLC increased its stake in Corning by 4,306.9% in the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock valued at $47,428,000 after acquiring an additional 1,026,626 shares during the last quarter. Finally, Conning Inc. raised its position in Corning by 14,556.8% during the third quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock valued at $39,778,000 after purchasing an additional 875,008 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Down 8.7 %

Shares of NYSE:GLW opened at $49.53 on Tuesday. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $54.53. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The stock’s 50-day moving average is $48.47 and its 200 day moving average is $45.50. The company has a market cap of $42.40 billion, a PE ratio of 291.32, a P/E/G ratio of 1.46 and a beta of 1.04.

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

Analysts Set New Price Targets

A number of research firms have recently issued reports on GLW. Oppenheimer reiterated an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Citigroup upped their price objective on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. UBS Group lifted their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Finally, Morgan Stanley upped their price target 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. Five investment 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, the company presently has a consensus rating of “Moderate Buy” and an average target price of $51.31.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s 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 transaction, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction that occurred 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 0.40% 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.