Appleton Partners Inc. MA Increases Stake in Corning Incorporated (NYSE:GLW)

Appleton Partners Inc. MA grew its stake in shares of Corning Incorporated (NYSE:GLW) by 1.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 42,826 shares of the electronics maker’s stock after purchasing an additional 595 shares during the quarter. Appleton Partners Inc. MA’s holdings in Corning were worth $1,934,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Access Investment Management LLC purchased a new position in Corning during the 1st quarter valued at about $28,000. Future Financial Wealth Managment LLC purchased a new stake in Corning in the first quarter worth $33,000. Register Financial Advisors LLC bought a new stake in Corning in the first quarter valued at $33,000. ESL Trust Services LLC bought a new position in Corning in the 1st quarter worth $33,000. Finally, Accordant Advisory Group Inc purchased a new stake in shares of Corning in the 2nd quarter worth about $39,000. Institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

Shares of GLW opened at $44.92 on Thursday. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $46.39. The business’s fifty day simple moving average is $41.73 and its two-hundred day simple moving average is $38.23. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The company has a market cap of $38.48 billion, a price-to-earnings ratio of 63.26, a P/E/G ratio of 1.73 and a beta of 1.04.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping the consensus estimate of $0.46 by $0.01. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. Corning’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period last year, the company earned $0.45 EPS. Research analysts anticipate that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Citigroup raised their price objective on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Argus increased their price objective on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. UBS Group boosted their target price on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. Bank of America increased 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. Finally, Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a research note on Monday, June 17th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.00.

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.