Hennion & Walsh Asset Management Inc. Boosts Stake in Corning Incorporated (NYSE:GLW)

Hennion & Walsh Asset Management Inc. lifted its stake in Corning Incorporated (NYSE:GLW) by 34.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,994 shares of the electronics maker’s stock after purchasing an additional 2,035 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Corning were worth $380,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. West Oak Capital LLC boosted its holdings in Corning by 0.4% in the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after buying an additional 215 shares during the period. Lake Street Advisors Group LLC boosted its holdings in Corning by 4.5% in the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after buying an additional 232 shares during the period. SteelPeak Wealth LLC boosted its holdings in Corning by 3.3% in the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock worth $338,000 after buying an additional 239 shares during the period. Brown Lisle Cummings Inc. boosted its holdings in shares of Corning by 1.5% during the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after purchasing an additional 250 shares during the last quarter. Finally, Allworth Financial LP boosted its holdings in shares of Corning by 1.3% during the 3rd quarter. Allworth Financial LP now owns 19,361 shares of the electronics maker’s stock valued at $874,000 after purchasing an additional 251 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Performance

Corning stock opened at $51.58 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. Corning Incorporated has a 1-year low of $30.30 and a 1-year high of $52.03. The firm has a market capitalization of $44.17 billion, a P/E ratio of 303.43, a price-to-earnings-growth ratio of 1.35 and a beta of 1.04. The company’s 50-day moving average is $47.98 and its 200 day moving average is $45.16.

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

Insider Buying and Selling

In other news, 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 transaction of $435,722.84. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’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 directly owns 6,700 shares in the company, valued at approximately $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

GLW has been the subject of several research reports. JPMorgan Chase & Co. increased their price objective on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. UBS Group increased their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Citigroup increased their price objective on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Barclays increased their price target on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and an average target price of $51.31.

Corning 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.