Paragon Private Wealth Management LLC Makes New $670,000 Investment in Corning Incorporated $GLW

Paragon Private Wealth Management LLC bought a new stake in shares of Corning Incorporated (NYSE:GLW) in the third quarter, Holdings Channel.com reports. The fund bought 8,164 shares of the electronics maker’s stock, valued at approximately $670,000.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new stake in Corning during the 2nd quarter valued at about $534,936,000. Voya Investment Management LLC raised its stake in shares of Corning by 748.0% during the third quarter. Voya Investment Management LLC now owns 3,169,741 shares of the electronics maker’s stock valued at $260,014,000 after acquiring an additional 2,795,948 shares in the last quarter. Raymond James Financial Inc. boosted its holdings in shares of Corning by 93.0% in the second quarter. Raymond James Financial Inc. now owns 3,407,608 shares of the electronics maker’s stock valued at $179,206,000 after purchasing an additional 1,641,558 shares during the period. Vanguard Group Inc. grew its stake in Corning by 1.6% in the second quarter. Vanguard Group Inc. now owns 97,952,109 shares of the electronics maker’s stock worth $5,151,301,000 after purchasing an additional 1,582,895 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in Corning by 125.8% in the third quarter. Assenagon Asset Management S.A. now owns 2,683,497 shares of the electronics maker’s stock worth $220,127,000 after purchasing an additional 1,495,277 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on GLW. Wall Street Zen upgraded Corning from a “hold” rating to a “buy” rating in a report on Friday. JPMorgan Chase & Co. lifted their price objective on Corning from $85.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, October 29th. Morgan Stanley upped their price objective on shares of Corning from $82.00 to $98.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 17th. Barclays raised their target price on shares of Corning from $65.00 to $83.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 29th. Finally, UBS Group reaffirmed a “buy” rating and issued a $109.00 price target (up previously from $100.00) on shares of Corning in a research report on Friday, November 21st. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $93.36.

Corning Stock Up 1.9%

NYSE:GLW opened at $95.06 on Tuesday. Corning Incorporated has a fifty-two week low of $37.31 and a fifty-two week high of $96.64. The stock has a market capitalization 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 company has a debt-to-equity ratio of 0.62, a quick ratio of 1.00 and a current ratio of 1.56. The company’s 50-day simple moving average is $87.91 and its 200-day simple moving average is $78.88.

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 firm had revenue of $4.10 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same quarter in the previous year, the business posted $0.54 EPS. Corning’s revenue was up 20.9% on a year-over-year basis. On average, equities analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Edward A. Schlesinger sold 20,893 shares of the company’s stock in a transaction on Friday, October 31st. The stock was sold at an average price of $91.25, for a total transaction of $1,906,486.25. Following the transaction, the chief financial officer directly owned 66,959 shares of the company’s stock, valued at approximately $6,110,008.75. This represents a 23.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Lewis A. Steverson sold 23,142 shares of the firm’s stock in a transaction on Friday, October 31st. The stock was 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 directly owned 17,575 shares of the company’s stock, valued at $1,565,053.75. The trade was a 56.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 156,135 shares of company stock valued at $14,088,769 over the last three months. Company insiders own 0.32% of the company’s stock.

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.