8,164 Shares in Corning Incorporated $GLW Bought by Paragon Private Wealth Management LLC

Paragon Private Wealth Management LLC purchased a new stake in shares of Corning Incorporated (NYSE:GLW) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 8,164 shares of the electronics maker’s stock, valued at approximately $670,000.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in Corning by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 97,952,109 shares of the electronics maker’s stock valued at $5,151,301,000 after purchasing an additional 1,582,895 shares during the period. State Street Corp raised its position in shares of Corning by 1.4% during the second quarter. State Street Corp now owns 36,568,973 shares of the electronics maker’s stock valued at $1,923,162,000 after buying an additional 509,013 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Corning by 0.6% during the second quarter. Geode Capital Management LLC now owns 19,443,525 shares of the electronics maker’s stock worth $1,018,629,000 after acquiring an additional 112,739 shares during the last quarter. Ameriprise Financial Inc. grew its stake in Corning by 8.1% during the second quarter. Ameriprise Financial Inc. now owns 13,763,148 shares of the electronics maker’s stock valued at $724,432,000 after acquiring an additional 1,036,988 shares in the last quarter. Finally, Norges Bank bought a new stake in Corning in the 2nd quarter valued at $534,936,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Corning news, EVP Lewis A. Steverson sold 23,142 shares of the firm’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $89.05, for a total value of $2,060,795.10. Following the completion of the sale, the executive vice president owned 17,575 shares of the company’s stock, valued at $1,565,053.75. This trade represents a 56.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Eric S. Musser sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $90.17, for a total value of $9,017,000.00. Following the transaction, the insider owned 44,926 shares of the company’s stock, valued at $4,050,977.42. This trade represents a 69.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 156,135 shares of company stock worth $14,088,769 over the last 90 days. Insiders own 0.32% of the company’s stock.

Corning Stock Performance

NYSE GLW opened at $95.06 on Tuesday. The company has a market cap of $81.50 billion, a P/E ratio of 60.16, a P/E/G ratio of 1.64 and a beta of 1.13. The business’s 50 day moving average price is $87.91 and its 200-day moving average price is $78.88. Corning Incorporated has a fifty-two week low of $37.31 and a fifty-two week high of $96.64. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.00 and a current ratio of 1.56.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 28th. The electronics maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.66 by $0.01. Corning had a net margin of 9.16% and a return on equity of 18.12%. The company had revenue of $4.10 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same period in the previous year, the firm earned $0.54 earnings per share. Corning’s quarterly revenue was up 20.9% compared to the same quarter last year. Sell-side analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently weighed in on GLW shares. Weiss Ratings restated a “buy (b-)” rating on shares of Corning in a research report on Monday, December 29th. Barclays raised their price target on Corning from $65.00 to $83.00 and gave the company an “equal weight” rating in a report on Wednesday, October 29th. Wall Street Zen raised Corning from a “hold” rating to a “buy” rating in a report on Friday. UBS Group reissued a “buy” rating and issued a $109.00 target price (up from $100.00) on shares of Corning in a report on Friday, November 21st. Finally, JPMorgan Chase & Co. upped their price target on shares of Corning from $85.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $93.36.

Corning Company Profile

Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.

Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.