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

Focus Partners Wealth increased its stake in Corning Incorporated (NYSE:GLW - Free Report) by 12.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 602,240 shares of the electronics maker's stock after buying an additional 65,108 shares during the period. Focus Partners Wealth owned 0.07% of Corning worth $28,649,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Sound Income Strategies LLC grew its holdings in shares of Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock worth $25,000 after acquiring an additional 227 shares during the period. Sierra Ocean LLC purchased a new position in Corning during the 4th quarter valued at about $25,000. Asset Planning Inc bought a new position in shares of Corning during the fourth quarter valued at approximately $29,000. Rosenberg Matthew Hamilton boosted its position in shares of Corning by 202.4% in 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 in the last quarter. Finally, Mainstream Capital Management LLC bought a new position in Corning in the 4th quarter worth about $35,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on GLW shares. JPMorgan Chase & Co. reduced their target price on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. StockNews.com cut shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. HSBC upgraded Corning from a "hold" rating to a "buy" rating and upped their price target for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Oppenheimer reduced their target price on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Finally, Bank of America lifted their price target on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Corning currently has an average rating of "Moderate Buy" and a consensus target price of $53.08.

Insider Activity

In related news, SVP Michael Alan Bell sold 20,262 shares of the firm's stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP John Z. Zhang sold 8,000 shares of the company's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the transaction, the vice president now directly owns 9,610 shares of the company's stock, valued at $450,805.10. The trade was a 45.43% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.40% of the company's stock.

Corning Stock Performance

Shares of Corning stock traded up $0.46 on Friday, reaching $48.06. 1,619,661 shares of the stock were exchanged, compared to its average volume of 5,932,703. The business has a 50 day moving average price of $44.53 and a two-hundred day moving average price of $47.50. The firm has a market capitalization of $41.16 billion, a price-to-earnings ratio of 82.81, a PEG ratio of 1.50 and a beta of 1.09. Corning Incorporated has a twelve month low of $35.01 and a twelve month high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.51 by $0.03. Corning had a net margin of 3.86% and a return on equity of 15.10%. The business had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same period in the prior year, the firm earned $0.38 EPS. The business's revenue for the quarter was up 12.9% on a year-over-year basis. Analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.33%. Corning's payout ratio is currently 215.38%.

Corning Company 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.