Corning Incorporated (NYSE:GLW) Shares Bought by Wealth Alliance

Wealth Alliance raised its position in Corning Incorporated (NYSE:GLWFree Report) by 6.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,563 shares of the electronics maker’s stock after purchasing an additional 611 shares during the quarter. Wealth Alliance’s holdings in Corning were worth $291,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Peoples Bank KS purchased a new stake in shares of Corning during the third quarter worth $25,000. OFI Invest Asset Management purchased a new stake in shares of Corning during the third quarter worth $25,000. Janiczek Wealth Management LLC increased its position in shares of Corning by 173.6% during the third quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 571 shares during the period. Pacifica Partners Inc. purchased a new stake in shares of Corning during the third quarter worth $28,000. Finally, Quarry LP purchased a new stake in shares of Corning during the second quarter worth $32,000. Hedge funds and other institutional investors own 67.74% of the company’s stock.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 18,200 shares of the stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $30.15, for a total transaction of $548,730.00. Following the completion of the sale, the insider now owns 205,258 shares in the company, valued at $6,188,528.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Morgan Stanley cut their price objective on Corning from $38.00 to $33.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 25th. Deutsche Bank Aktiengesellschaft downgraded shares of Corning from a “buy” rating to a “hold” rating and lowered their target price for the stock from $37.00 to $30.00 in a research note on Wednesday, October 25th. JPMorgan Chase & Co. lowered their target price on shares of Corning from $36.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday, October 25th. Oppenheimer lowered their target price on shares of Corning from $42.00 to $37.00 and set an “outperform” rating for the company in a research note on Wednesday, October 25th. Finally, UBS Group boosted their target price on shares of Corning from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Thursday, January 11th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $32.88.

Check Out Our Latest Analysis on Corning

Corning Stock Performance

NYSE GLW opened at $32.04 on Monday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $36.01. The company has a market capitalization of $27.34 billion, a PE ratio of 47.82, a P/E/G ratio of 1.83 and a beta of 1.09. The company has a fifty day moving average of $30.55 and a two-hundred day moving average of $30.28.

Corning (NYSE:GLWGet Free Report) last released its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter in the prior year, the firm posted $0.47 earnings per share. Corning’s revenue for the quarter was down 12.1% on a year-over-year basis. As a group, analysts expect that Corning Incorporated will post 1.85 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th will be paid a dividend of $0.28 per share. The ex-dividend date is Wednesday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 3.50%. Corning’s dividend payout ratio (DPR) is 167.16%.

Corning Company Profile

(Free Report)

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. 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.

Further Reading

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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