Corning Incorporated (NYSE:GLW) Shares Sold by AE Wealth Management LLC

AE Wealth Management LLC decreased its holdings in Corning Incorporated (NYSE:GLW) by 7.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,784 shares of the electronics maker’s stock after selling 2,334 shares during the quarter. AE Wealth Management LLC’s holdings in Corning were worth $1,118,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in GLW. Wellington Management Group LLP lifted its position in Corning by 9.0% during the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after acquiring an additional 2,597,878 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Corning by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after acquiring an additional 4,464,893 shares during the period. Dimensional Fund Advisors LP lifted its position in Corning by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock worth $401,826,000 after acquiring an additional 426,864 shares during the period. FIL Ltd lifted its position in Corning by 1.5% during the 4th quarter. FIL Ltd now owns 7,179,283 shares of the electronics maker’s stock worth $218,609,000 after acquiring an additional 105,994 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in Corning by 41.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after acquiring an additional 1,828,097 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Trading Up 1.5 %

GLW opened at $45.30 on Wednesday. Corning Incorporated has a one year low of $25.26 and a one year high of $46.39. The stock has a market capitalization of $38.80 billion, a PE ratio of 63.80, a P/E/G ratio of 1.66 and a beta of 1.04. The business’s 50 day moving average price is $41.69 and its 200 day moving average price is $37.75. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same period in the prior year, the firm posted $0.45 earnings per share. The firm’s quarterly revenue was up 3.5% on a year-over-year basis. As a group, equities research analysts expect that Corning Incorporated will post 1.91 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on GLW. UBS Group lifted their price objective on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research note on Tuesday, July 9th. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a research note on Tuesday, July 9th. Bank of America lifted their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Barclays lifted their price objective on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.00.

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.