AGP Franklin LLC Reduces Stock Holdings in Corning Incorporated $GLW

AGP Franklin LLC cut its holdings in Corning Incorporated (NYSE:GLW) by 26.5% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,689 shares of the electronics maker’s stock after selling 14,681 shares during the period. Corning comprises about 1.6% of AGP Franklin LLC’s holdings, making the stock its 20th largest position. AGP Franklin LLC’s holdings in Corning were worth $3,338,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Financial Management Professionals Inc. lifted its holdings in shares of Corning by 111.1% in the third quarter. Financial Management Professionals Inc. now owns 380 shares of the electronics maker’s stock valued at $31,000 after purchasing an additional 200 shares in the last quarter. RMG Wealth Management LLC lifted its stake in Corning by 125.0% in the 3rd quarter. RMG Wealth Management LLC now owns 450 shares of the electronics maker’s stock valued at $38,000 after buying an additional 250 shares in the last quarter. Bayforest Capital Ltd acquired a new stake in Corning during the 3rd quarter valued at $39,000. Steigerwald Gordon & Koch Inc. purchased a new position in Corning during the third quarter worth $42,000. Finally, REAP Financial Group LLC raised its holdings in shares of Corning by 191.5% in the second quarter. REAP Financial Group LLC now owns 516 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 339 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Citigroup lifted their price objective on Corning from $99.00 to $102.00 and gave the stock a “buy” rating in a research report on Monday, January 12th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Corning in a report on Monday, December 29th. Argus upped their price objective on shares of Corning from $68.00 to $110.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Oppenheimer set a $100.00 target price on shares of Corning and gave the stock an “outperform” rating in a research note on Wednesday, October 29th. Finally, Morgan Stanley boosted their price target on Corning from $82.00 to $98.00 and gave the company an “equal weight” rating in a report on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and a consensus target price of $96.42.

Insider Buying and Selling at Corning

In other news, CFO Edward A. Schlesinger sold 20,893 shares of the firm’s stock in a transaction on Friday, October 31st. The shares were sold at an average price of $91.25, for a total value of $1,906,486.25. Following the transaction, the chief financial officer owned 66,959 shares of the company’s stock, valued at approximately $6,110,008.75. This trade represents a 23.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Lewis A. Steverson sold 23,142 shares of Corning stock in a transaction on Friday, October 31st. The shares were sold at an average price of $89.05, for a total transaction of $2,060,795.10. Following the transaction, the executive vice president owned 17,575 shares in the company, valued at $1,565,053.75. The trade was a 56.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.32% of the stock is owned by corporate insiders.

Corning Stock Performance

NYSE GLW opened at $109.67 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.56 and a quick ratio of 1.00. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $113.99. The firm has a market capitalization of $94.03 billion, a P/E ratio of 69.41, a P/E/G ratio of 1.67 and a beta of 1.13. The business’s 50-day simple moving average is $88.50 and its 200-day simple moving average is $79.29.

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

About Corning

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.