Mission Wealth Management LP Buys 1,382 Shares of Corning Incorporated (NYSE:GLW)

Mission Wealth Management LP raised its stake in Corning Incorporated (NYSE:GLW) by 10.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 14,398 shares of the electronics maker’s stock after purchasing an additional 1,382 shares during the quarter. Mission Wealth Management LP’s holdings in Corning were worth $438,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Harvest Investment Advisors LLC increased its holdings in shares of Corning by 1.0% in the 3rd quarter. Harvest Investment Advisors LLC now owns 36,286 shares of the electronics maker’s stock worth $1,106,000 after buying an additional 364 shares during the last quarter. Venture Visionary Partners LLC grew its holdings in Corning by 2.0% during the 4th quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock valued at $589,000 after purchasing an additional 380 shares during the last quarter. Fiera Capital Corp grew its holdings in Corning by 2.7% during the 3rd quarter. Fiera Capital Corp now owns 14,785 shares of the electronics maker’s stock valued at $450,000 after purchasing an additional 385 shares during the last quarter. New World Advisors LLC grew its holdings in Corning by 3.5% during the 4th quarter. New World Advisors LLC now owns 11,800 shares of the electronics maker’s stock valued at $359,000 after purchasing an additional 400 shares during the last quarter. Finally, Western Wealth Management LLC grew its holdings in Corning by 1.6% during the 3rd quarter. Western Wealth Management LLC now owns 25,719 shares of the electronics maker’s stock valued at $784,000 after purchasing an additional 405 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

GLW has been the topic of several analyst reports. Susquehanna reiterated a “positive” rating and set a $40.00 price target on shares of Corning in a report on Monday, April 1st. Barclays upped their price target on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. Morgan Stanley reissued an “overweight” rating and issued a $35.00 price objective on shares of Corning in a research report on Monday, April 22nd. UBS Group boosted their price objective on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $34.89.

Insider Activity at Corning

In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the sale, the executive vice president now owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the sale, the executive vice president now directly owns 31,294 shares in the company, valued at approximately $1,034,266.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The disclosure for this sale can be found here. Insiders have sold 119,988 shares of company stock valued at $3,984,964 in the last ninety days. Corporate insiders own 0.40% of the company’s stock.

Corning Stock Performance

Shares of NYSE:GLW opened at $33.72 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $28.84 billion, a price-to-earnings ratio of 47.49, a price-to-earnings-growth ratio of 1.70 and a beta of 1.07. The firm has a 50 day moving average of $32.34 and a 200 day moving average of $30.57. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. The firm had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. Corning’s revenue was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.41 EPS. On average, sell-side analysts predict that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 annualized dividend and a yield of 3.32%. Corning’s dividend payout ratio (DPR) is 157.75%.

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.