Baker Tilly Wealth Management LLC Grows Stock Holdings in Corning Incorporated (NYSE:GLW)

Baker Tilly Wealth Management LLC raised its holdings in Corning Incorporated (NYSE:GLW) by 4.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 6,747 shares of the electronics maker’s stock after acquiring an additional 279 shares during the period. Baker Tilly Wealth Management LLC’s holdings in Corning were worth $321,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. City Holding Co. increased its stake in Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares during the last quarter. Cassady Schiller Wealth Management LLC acquired a new position in shares of Corning during the 3rd quarter valued at about $39,000. RPg Family Wealth Advisory LLC purchased a new position in shares of Corning during the 3rd quarter worth about $40,000. Global Trust Asset Management LLC boosted its position in shares of Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after acquiring an additional 900 shares during the last quarter. Finally, Venturi Wealth Management LLC grew its holdings in Corning by 90.8% in the third quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock valued at $45,000 after purchasing an additional 473 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Morgan Stanley increased their price target on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Susquehanna increased their price objective on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. lifted their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. UBS Group increased their price target on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, Barclays upped their target price on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.77.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction dated 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 filing with the Securities & Exchange Commission, which is available at this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Corning Price Performance

GLW stock opened at $47.02 on Friday. The company has a market capitalization of $40.26 billion, a PE ratio of 276.59, a P/E/G ratio of 1.54 and a beta of 1.04. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The stock’s 50 day moving average is $47.91 and its two-hundred day moving average is $44.67. Corning Incorporated has a 52-week low of $29.71 and a 52-week high of $51.03.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.45 EPS. Analysts predict that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

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.