Corning Incorporated (NYSE:GLW) Shares Acquired by Western Wealth Management LLC

Western Wealth Management LLC lifted its position in shares of Corning Incorporated (NYSE:GLW) by 11.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 28,769 shares of the electronics maker’s stock after buying an additional 3,050 shares during the quarter. Western Wealth Management LLC’s holdings in Corning were worth $876,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Integral Investment Advisors Inc. acquired a new position in shares of Corning during the 4th quarter worth $202,000. Federated Hermes Inc. raised its stake in shares of Corning by 1,329.2% during the 4th quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock worth $40,239,000 after buying an additional 1,229,031 shares during the last quarter. Daiwa Securities Group Inc. raised its stake in shares of Corning by 6.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 71,644 shares of the electronics maker’s stock worth $2,182,000 after buying an additional 4,255 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Corning by 3.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 138,081 shares of the electronics maker’s stock valued at $4,205,000 after purchasing an additional 4,342 shares during the last quarter. Finally, Everence Capital Management Inc. raised its stake in Corning by 125.1% in the 4th quarter. Everence Capital Management Inc. now owns 32,890 shares of the electronics maker’s stock valued at $1,002,000 after purchasing an additional 18,280 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Barclays boosted their target price on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a research note on Thursday, February 1st. UBS Group boosted their target price on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Susquehanna reissued a “positive” rating and issued a $40.00 target price on shares of Corning in a research note on Monday, April 1st. Finally, JPMorgan Chase & Co. upped their price objective on shares of Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $34.56.

Insiders Place Their Bets

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the transaction, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.40% of the stock is owned by company insiders.

Corning Stock Up 1.2 %

Shares of NYSE:GLW opened at $31.27 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $36.01. The stock has a market capitalization of $26.75 billion, a P/E ratio of 46.67, a PEG ratio of 1.73 and a beta of 1.08. The stock has a 50-day simple moving average of $32.31 and a 200-day simple moving average of $30.39.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.26 billion. During the same quarter in the previous year, the business earned $0.47 EPS. The company’s revenue for the quarter was down 12.1% on a year-over-year basis. Equities analysts forecast that Corning Incorporated will post 1.87 earnings per share for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio is presently 167.16%.

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.