Corning Incorporated (NYSE:GLW) Shares Sold by Pathway Financial Advisers LLC

Pathway Financial Advisers LLC reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 3.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,837 shares of the electronics maker’s stock after selling 929 shares during the quarter. Pathway Financial Advisers LLC’s holdings in Corning were worth $925,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Wellington Management Group LLP lifted its stake in shares of Corning by 9.0% in the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after purchasing an additional 2,597,878 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of 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 in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of 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 in the last quarter. FIL Ltd grew its position in shares of Corning by 1.5% during the 4th quarter. FIL Ltd now owns 7,179,283 shares of the electronics maker’s stock valued at $218,609,000 after acquiring an additional 105,994 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in shares of Corning by 41.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after purchasing an additional 1,828,097 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Price Performance

Shares of GLW opened at $45.15 on Tuesday. The firm has a 50-day simple moving average of $41.70 and a two-hundred day simple moving average of $38.09. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $46.39. The stock has a market cap of $38.63 billion, a PE ratio of 63.59, a P/E/G ratio of 1.73 and a beta of 1.04.

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

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft raised Corning from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a research note on Wednesday, July 31st. JPMorgan Chase & Co. increased their price objective on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Argus lifted their target price on shares of Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a research report on Monday, June 17th. Finally, Susquehanna lifted their price objective on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average 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.