Fiduciary Alliance LLC Purchases Shares of 14,614 Corning Incorporated (NYSE:GLW)

Fiduciary Alliance LLC acquired a new stake in Corning Incorporated (NYSE:GLW - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 14,614 shares of the electronics maker's stock, valued at approximately $694,000.

Other hedge funds have also modified their holdings of the company. Acadian Asset Management LLC raised its stake in Corning by 384.5% in the second quarter. Acadian Asset Management LLC now owns 16,779 shares of the electronics maker's stock valued at $650,000 after buying an additional 13,316 shares in the last quarter. LPL Financial LLC grew its holdings in shares of Corning by 10.4% during the second quarter. LPL Financial LLC now owns 1,085,095 shares of the electronics maker's stock worth $42,156,000 after purchasing an additional 102,418 shares during the last quarter. DekaBank Deutsche Girozentrale grew its holdings in shares of Corning by 8.7% during the second quarter. DekaBank Deutsche Girozentrale now owns 179,113 shares of the electronics maker's stock worth $6,984,000 after purchasing an additional 14,347 shares during the last quarter. Meeder Advisory Services Inc. grew its holdings in shares of Corning by 16.5% during the second quarter. Meeder Advisory Services Inc. now owns 11,111 shares of the electronics maker's stock worth $432,000 after purchasing an additional 1,577 shares during the last quarter. Finally, Parallel Advisors LLC grew its holdings in shares of Corning by 2.1% during the second quarter. Parallel Advisors LLC now owns 21,470 shares of the electronics maker's stock worth $834,000 after purchasing an additional 440 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Performance

GLW traded up $0.87 during trading on Tuesday, reaching $47.45. The company's stock had a trading volume of 2,948,901 shares, compared to its average volume of 3,827,369. Corning Incorporated has a 52-week low of $29.71 and a 52-week high of $51.03. The company's fifty day moving average price is $47.90 and its 200-day moving average price is $44.79. The company has a market capitalization of $40.63 billion, a price-to-earnings ratio of 279.12, a price-to-earnings-growth ratio of 1.54 and a beta of 1.04. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates 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 quarter in the previous year, the company earned $0.45 EPS. The firm's revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Bank of America raised their price objective on Corning from $46.00 to $51.00 and gave the stock a "buy" rating in a report on Friday, September 20th. Susquehanna raised 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. Morgan Stanley raised their price objective on Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a report on Tuesday, December 17th. Oppenheimer reaffirmed an "outperform" rating and set a $58.00 price objective (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Finally, UBS Group raised their price target on Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a report 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 MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $50.77.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction that occurred on 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. The trade was a 42.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Insiders own 0.40% of the company's stock.

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.