Corning Incorporated (NYSE:GLW) Shares Bought by NewEdge Wealth LLC

NewEdge Wealth LLC grew its position in Corning Incorporated (NYSE:GLW) by 2.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 33,438 shares of the electronics maker’s stock after acquiring an additional 751 shares during the quarter. NewEdge Wealth LLC’s holdings in Corning were worth $1,589,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Oregon Public Employees Retirement Fund lifted its position in Corning by 0.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock valued at $3,139,000 after buying an additional 204 shares in the last quarter. Principal Securities Inc. lifted its holdings in shares of Corning by 3.5% during the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock valued at $293,000 after acquiring an additional 211 shares in the last quarter. Bogart Wealth LLC lifted its holdings in shares of Corning by 18.3% during the 4th quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock valued at $67,000 after acquiring an additional 219 shares in the last quarter. Buffington Mohr McNeal increased its holdings in Corning by 2.1% in the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock valued at $497,000 after purchasing an additional 220 shares in the last quarter. Finally, Allworth Financial LP raised its position in Corning by 1.1% in the fourth quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock valued at $930,000 after purchasing an additional 220 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity

In related news, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares of the company’s stock, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GLW. Citigroup upped their target price on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Barclays decreased their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and lifted their price objective for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Finally, StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus price target of $53.00.

Corning Stock Up 2.5 %

Shares of Corning stock opened at $50.25 on Friday. 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 has a 50-day moving average price of $50.18 and a 200 day moving average price of $47.10. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The firm has a market cap of $43.04 billion, a P/E ratio of 86.63, a P/E/G ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, sell-side analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be given a $0.28 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.23%. Corning’s 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.