Exchange Traded Concepts LLC Has $266,000 Holdings in Corning Incorporated (NYSE:GLW)

Exchange Traded Concepts LLC lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 7.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,598 shares of the electronics maker’s stock after selling 432 shares during the period. Exchange Traded Concepts LLC’s holdings in Corning were worth $266,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Sound Income Strategies LLC raised its stake in shares of Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares in the last quarter. City Holding Co. boosted its holdings in Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 600 shares during the period. Rosenberg Matthew Hamilton boosted its stake in Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 500 shares during the period. Cassady Schiller Wealth Management LLC acquired a new stake in shares of Corning in the third quarter worth $39,000. Finally, RPg Family Wealth Advisory LLC acquired a new stake in Corning in the 3rd quarter worth $40,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on GLW. UBS Group boosted their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and upped their price target for the stock from $51.00 to $60.00 in a research report on Thursday. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Barclays lowered their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday. Finally, Morgan Stanley upped their price target on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Corning has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Stock Performance

NYSE GLW opened at $52.11 on Friday. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $44.61 billion, a P/E ratio of 89.84, a price-to-earnings-growth ratio of 1.35 and a beta of 1.04. The firm’s fifty day moving average price is $48.71 and its two-hundred day moving average price is $45.63.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.01%. As a group, research analysts anticipate that Corning Incorporated will post 2.3 EPS for the current year.

Insiders Place Their Bets

In related news, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’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 disclosure for this sale can be found here. Insiders have sold 16,085 shares of company stock worth $787,836 in the last 90 days. Company insiders own 0.40% of the company’s stock.

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.