Parr Mcknight Wealth Management Group LLC Invests $553,000 in Corning Incorporated (NYSE:GLW)

Parr Mcknight Wealth Management Group LLC bought a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 11,633 shares of the electronics maker's stock, valued at approximately $553,000.

Several other institutional investors and hedge funds have also bought and sold shares of GLW. Fifth Third Bancorp boosted its stake in Corning by 16.8% during the fourth quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker's stock valued at $5,296,000 after buying an additional 16,001 shares during the period. New Century Financial Group LLC purchased a new stake in Corning during the fourth quarter valued at about $1,110,000. Tallon Kerry Patrick purchased a new stake in Corning during the fourth quarter valued at about $302,000. Barclays PLC increased its holdings in shares of Corning by 8.5% in the third quarter. Barclays PLC now owns 1,892,946 shares of the electronics maker's stock worth $85,468,000 after buying an additional 148,042 shares during the period. Finally, Hunter Associates Investment Management LLC lifted its stake in shares of Corning by 11.7% in the 4th quarter. Hunter Associates Investment Management LLC now owns 74,845 shares of the electronics maker's stock valued at $3,563,000 after acquiring an additional 7,860 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. 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 note on Wednesday, March 19th. Oppenheimer dropped their price objective on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. JPMorgan Chase & Co. cut their target price on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Barclays cut their target price on Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research note on Wednesday, January 29th. Finally, Mizuho set a $52.00 target price on Corning in a research note on Tuesday, April 15th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $53.08.

Insider Transactions at Corning

In other news, SVP Michael Alan Bell sold 20,262 shares of the business's 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP John Z. Zhang sold 8,000 shares of the business's stock in a transaction that occurred on 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.40% of the company's stock.

Corning Stock Up 0.6%

Corning stock traded up $0.31 during trading hours on Thursday, hitting $49.76. 2,168,281 shares of the stock traded hands, compared to its average volume of 5,959,889. The firm's 50-day moving average price is $44.82 and its two-hundred day moving average price is $47.54. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The company has a market cap of $42.62 billion, a PE ratio of 85.83, a PEG ratio of 1.50 and a beta of 1.09. Corning Incorporated has a one year low of $35.40 and a one year 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 the consensus estimate of $0.51 by $0.03. The business had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The business's revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.38 EPS. On average, research analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be given a $0.28 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.25%. Corning's dividend payout ratio is currently 215.38%.

Corning 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.