Parr Mcknight Wealth Management Group LLC Makes New Investment in Corning Incorporated (NYSE:GLW)

Parr Mcknight Wealth Management Group LLC bought a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 11,633 shares of the electronics maker's stock, valued at approximately $553,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sound Income Strategies LLC raised its holdings in shares of Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock valued at $25,000 after acquiring an additional 227 shares in the last quarter. Sierra Ocean LLC bought a new position in shares of Corning during the fourth quarter valued at approximately $25,000. Asset Planning Inc bought a new position in shares of Corning during the fourth quarter valued at approximately $29,000. Mainstream Capital Management LLC bought a new position in shares of Corning during the fourth quarter valued at approximately $35,000. Finally, JFS Wealth Advisors LLC raised its holdings in shares of Corning by 171.8% during the fourth quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker's stock valued at $38,000 after acquiring an additional 512 shares in the last quarter. Institutional investors own 69.80% of the company's stock.

Insider Activity at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP John Z. Zhang sold 8,000 shares of the business's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $46.91, for a total value of $375,280.00. Following the transaction, the vice president now directly owns 9,610 shares in the company, valued at approximately $450,805.10. This represents a 45.43% decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

Corning Stock Performance

NYSE:GLW traded up $1.54 on Tuesday, hitting $49.90. The stock had a trading volume of 5,718,728 shares, compared to its average volume of 5,971,741. The stock has a market cap of $42.74 billion, a price-to-earnings ratio of 86.04, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The business's 50-day simple moving average is $44.78 and its two-hundred day simple moving average is $47.51. Corning Incorporated has a 52-week low of $35.40 and a 52-week high of $55.33.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data 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 return on equity of 15.10% and a net margin of 3.86%. The firm had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.63 billion. During the same period in the previous year, the firm earned $0.38 EPS. The business's quarterly revenue was up 12.9% on a year-over-year basis. As a group, research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend is Friday, May 30th. Corning's dividend payout ratio (DPR) is presently 215.38%.

Analysts Set New Price Targets

A number of research firms have issued reports on GLW. Wall Street Zen downgraded Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. JPMorgan Chase & Co. decreased their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Mizuho set a $52.00 price objective on Corning in a report on Tuesday, April 15th. HSBC upgraded Corning from a "hold" rating to a "buy" rating and increased their price objective for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Finally, Citigroup decreased their price objective on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a report on Monday, April 14th. Four investment 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $53.08.

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.