Phillips Wealth Planners LLC Sells 1,658 Shares of Corning Incorporated (NYSE:GLW)

Phillips Wealth Planners LLC reduced its position in Corning Incorporated (NYSE:GLW) by 17.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 7,611 shares of the electronics maker’s stock after selling 1,658 shares during the quarter. Phillips Wealth Planners LLC’s holdings in Corning were worth $359,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of GLW. West Oak Capital LLC raised its holdings in shares of Corning by 0.4% during the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after buying an additional 215 shares in the last quarter. Lake Street Advisors Group LLC raised its holdings in shares of Corning by 4.5% during the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after buying an additional 232 shares in the last quarter. Grove Bank & Trust raised its holdings in shares of Corning by 14.6% during the 4th quarter. Grove Bank & Trust now owns 1,858 shares of the electronics maker’s stock valued at $88,000 after buying an additional 237 shares in the last quarter. SteelPeak Wealth LLC raised its holdings in shares of Corning by 3.3% during the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after buying an additional 239 shares in the last quarter. Finally, Brown Lisle Cummings Inc. raised its holdings in shares of Corning by 1.5% during the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after buying an additional 250 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Activity at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Corning Trading Up 4.8 %

NYSE GLW opened at $54.01 on Thursday. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Corning Incorporated has a twelve month low of $30.30 and a twelve month high of $54.33. The firm has a market capitalization of $46.24 billion, a PE ratio of 317.69, a P/E/G ratio of 1.39 and a beta of 1.04. The stock’s 50 day moving average is $48.05 and its 200 day moving average is $45.25.

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

Analyst Upgrades and Downgrades

A number of equities analysts have commented on GLW shares. UBS Group lifted their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Citigroup lifted their price target on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday. Morgan Stanley lifted their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft lifted their price target on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $51.31.

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.