Corning Incorporated (GLW) Shares Bought by HighTower Advisors LLC
HighTower Advisors LLC boosted its stake in Corning Incorporated (NYSE:GLW) by 4.3% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 283,779 shares of the company’s stock after buying an additional 11,791 shares during the period. HighTower Advisors LLC’s holdings in Corning were worth $6,713,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in GLW. BKS Advisors LLC purchased a new position in shares of Corning during the third quarter valued at about $103,000. Rowland & Co. Investment Counsel ADV purchased a new position in shares of Corning during the third quarter valued at about $111,000. Whittier Trust Co. boosted its position in shares of Corning by 2.3% in the second quarter. Whittier Trust Co. now owns 6,954 shares of the company’s stock valued at $142,000 after buying an additional 154 shares during the period. Independent Portfolio Consultants Inc. boosted its position in shares of Corning by 77.3% in the third quarter. Independent Portfolio Consultants Inc. now owns 7,801 shares of the company’s stock valued at $184,000 after buying an additional 3,400 shares during the period. Finally, Sunbelt Securities Inc. boosted its stake in shares of Corning by 5.6% in the second quarter. Sunbelt Securities Inc. now owns 9,500 shares of the company’s stock valued at $195,000 after buying an additional 500 shares during the period. 75.69% of the stock is currently owned by institutional investors.
Shares of Corning Incorporated (NYSE:GLW) traded up 0.65% during trading on Friday, hitting $24.69. The company had a trading volume of 849,707 shares. Corning Incorporated has a 52-week low of $16.13 and a 52-week high of $25.35. The firm has a market capitalization of $23.49 billion, a P/E ratio of 12.58 and a beta of 1.31. The stock’s 50-day moving average is $24.37 and its 200 day moving average is $23.01.
Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 25th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.04. Corning had a net margin of 25.66% and a return on equity of 10.11%. The company earned $2.51 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter in the prior year, the firm posted $0.34 earnings per share. Corning’s revenue for the quarter was up 4.0% on a year-over-year basis. Equities research analysts predict that Corning Incorporated will post $1.49 earnings per share for the current fiscal year.
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Several analysts have issued reports on the company. Zacks Investment Research cut Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, December 27th. Wells Fargo & Company assumed coverage on Corning in a research report on Wednesday, December 21st. They set a “market perform” rating on the stock. Guggenheim assumed coverage on Corning in a research report on Wednesday, January 4th. They set a “buy” rating and a $28.00 target price on the stock. Drexel Hamilton reaffirmed a “sell” rating and set a $14.50 target price on shares of Corning in a research report on Tuesday, October 25th. Finally, Vetr raised Corning from a “sell” rating to a “buy” rating and set a $26.00 target price on the stock in a research report on Tuesday, November 15th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. Corning has a consensus rating of “Hold” and an average price target of $24.33.
In other news, insider James P. Clappin sold 30,000 shares of the stock in a transaction dated Monday, October 24th. The shares were sold at an average price of $24.00, for a total transaction of $720,000.00. Following the completion of the sale, the insider now owns 96,589 shares in the company, valued at $2,318,136. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Hansel E. Tookes II sold 1,985 shares of the stock in a transaction dated Tuesday, November 29th. The stock was sold at an average price of $24.34, for a total transaction of $48,314.90. Following the sale, the director now owns 88,848 shares of the company’s stock, valued at approximately $2,162,560.32. The disclosure for this sale can be found here. Insiders own 0.60% of the company’s stock.
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
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