Congress Wealth Management LLC DE Boosts Stake in Corning Incorporated (NYSE:GLW)

Congress Wealth Management LLC DE raised its holdings in Corning Incorporated (NYSE:GLW) by 73.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,397 shares of the electronics maker’s stock after acquiring an additional 6,107 shares during the period. Congress Wealth Management LLC DE’s holdings in Corning were worth $684,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Quest Partners LLC purchased a new position in Corning in the third quarter worth $106,000. FMR LLC lifted its stake in Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after purchasing an additional 1,285,836 shares during the last quarter. Brooklyn Investment Group purchased a new position in shares of Corning in the 3rd quarter worth about $76,000. Bridgewater Associates LP purchased a new position in shares of Corning in the 3rd quarter worth about $6,939,000. Finally, CreativeOne Wealth LLC increased its position in shares of Corning by 20.5% during the 3rd quarter. CreativeOne Wealth LLC now owns 9,944 shares of the electronics maker’s stock valued at $449,000 after purchasing an additional 1,689 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Citigroup boosted their price objective on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Barclays reduced their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and boosted their price target for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Finally, Morgan Stanley raised their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Four equities research 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.31.

Corning Price Performance

Shares of GLW stock opened at $45.91 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The firm has a market cap of $39.32 billion, a P/E ratio of 79.16, a P/E/G ratio of 1.50 and a beta of 1.03. The business’s 50 day moving average price is $49.84 and its 200-day moving average price is $47.86. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33.

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

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.44%. Corning’s dividend payout ratio (DPR) is presently 193.10%.

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.