Corning Incorporated (NYSE:GLW) Shares Purchased by RWA Wealth Partners LLC

RWA Wealth Partners LLC raised its holdings in Corning Incorporated (NYSE:GLW) by 10.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,261 shares of the electronics maker’s stock after purchasing an additional 1,655 shares during the quarter. RWA Wealth Partners LLC’s holdings in Corning were worth $868,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Sound Income Strategies LLC lifted its holdings in shares of Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after buying an additional 227 shares during the period. Sierra Ocean LLC purchased a new position in Corning in the fourth quarter worth $25,000. Asset Planning Inc acquired a new stake in Corning in the fourth quarter valued at $29,000. Mainstream Capital Management LLC purchased a new stake in shares of Corning during the 4th quarter worth $35,000. Finally, Rosenberg Matthew Hamilton grew its stake in shares of Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 500 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Activity at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the sale, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on GLW shares. Barclays reduced their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Morgan Stanley boosted 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. Citigroup raised their price objective on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Finally, Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Corning currently has an average rating of “Moderate Buy” and an average price target of $54.31.

Corning Price Performance

NYSE:GLW opened at $45.77 on Tuesday. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The firm has a market cap of $39.22 billion, a price-to-earnings ratio of 78.92, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The company’s 50-day moving average is $49.76 and its two-hundred day moving average is $47.98. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend was Friday, February 28th. Corning’s dividend payout ratio is currently 193.10%.

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.