Soltis Investment Advisors LLC Reduces Stock Holdings in Corning Incorporated (NYSE:GLW)

Soltis Investment Advisors LLC cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 9.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 135,077 shares of the electronics maker’s stock after selling 14,292 shares during the period. Soltis Investment Advisors LLC’s holdings in Corning were worth $6,419,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Sound Income Strategies LLC grew its position 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 valued at $25,000 after buying an additional 227 shares during the last quarter. Rosenberg Matthew Hamilton grew its holdings in Corning by 202.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after buying an additional 500 shares in the last quarter. Global X Japan Co. Ltd. bought a new stake in shares of Corning during the fourth quarter valued at about $40,000. Union Bancaire Privee UBP SA bought a new stake in shares of Corning during the 4th quarter worth about $40,000. Finally, Cassady Schiller Wealth Management LLC acquired a new position in shares of Corning during the third quarter valued at approximately $39,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Trading Down 1.2 %

Shares of Corning stock opened at $52.99 on Monday. The company has a market cap of $45.37 billion, a price-to-earnings ratio of 91.36, a PEG ratio of 1.55 and a beta of 1.03. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The company’s fifty day simple moving average is $49.22 and its 200-day simple moving average is $45.94. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. As a group, sell-side analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently issued reports on GLW shares. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. UBS Group raised their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. JPMorgan Chase & Co. boosted their price target on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Finally, Morgan Stanley boosted their price objective on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $53.00.

Insider Transactions at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,085 shares of company stock valued at $2,345,436. 0.40% of the stock is owned by corporate insiders.

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.