Good Steward Wealth Advisors LLC Makes New Investment in Corning Incorporated (NYSE:GLW)

Good Steward Wealth Advisors LLC bought a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 6,471 shares of the electronics maker's stock, valued at approximately $296,000.

A number of other institutional investors also recently modified their holdings of GLW. Vermillion Wealth Management Inc. acquired a new stake in Corning during the 4th quarter valued at $29,000. Putney Financial Group LLC acquired a new stake in shares of Corning in the fourth quarter valued at $30,000. Mainstream Capital Management LLC bought a new position in shares of Corning in the fourth quarter valued at about $35,000. Transce3nd LLC acquired a new position in Corning during the 4th quarter worth about $39,000. Finally, Union Bancaire Privee UBP SA acquired a new position in Corning during the 4th quarter worth about $40,000. Institutional investors own 69.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Citigroup dropped their target price on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Bank of America boosted their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. Mizuho set a $52.00 price objective on Corning in a research report on Tuesday, April 15th. Oppenheimer lowered their target price on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Finally, JPMorgan Chase & Co. cut their price target on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $53.75.

Insider Transactions at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Stefan Becker sold 17,106 shares of Corning stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $49.68, for a total value of $849,826.08. Following the transaction, the senior vice president now owns 16,117 shares in the company, valued at $800,692.56. This trade represents a 51.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 75,796 shares of company stock valued at $3,632,635 over the last three months. 0.40% of the stock is currently owned by corporate insiders.

Corning Trading Down 0.1%

NYSE:GLW opened at $50.43 on Friday. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1-year low of $37.18 and a 1-year high of $55.33. The firm has a market capitalization of $43.19 billion, a price-to-earnings ratio of 96.98, a PEG ratio of 1.36 and a beta of 1.11. The business's 50-day moving average price is $46.89 and its two-hundred day moving average price is $47.83.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. Corning had a net margin of 3.34% and a return on equity of 16.47%. The business had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same period last year, the company posted $0.38 EPS. Corning's revenue for the quarter was up 12.9% on a year-over-year basis. On average, equities analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a yield of 2.22%. Corning's dividend payout ratio (DPR) is presently 215.38%.

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.

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