Modera Wealth Management LLC Purchases 507 Shares of Corning Incorporated (NYSE:GLW)

Modera Wealth Management LLC lifted its position in shares of Corning Incorporated (NYSE:GLW) by 2.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,778 shares of the electronics maker’s stock after acquiring an additional 507 shares during the quarter. Modera Wealth Management LLC’s holdings in Corning were worth $987,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of analyst reports. Morgan Stanley increased their price target on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Barclays cut their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Citigroup boosted 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. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Finally, HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and boosted their price objective for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Insider Activity

In other news, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the sale, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

Corning Trading Down 4.0 %

Shares of NYSE:GLW opened at $48.14 on Tuesday. The firm has a market cap of $41.23 billion, a price-to-earnings ratio of 83.00, a PEG ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33. The company’s fifty day simple moving average is $50.19 and its 200 day simple moving average is $47.21. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS 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%. As a group, research analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

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 paid a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.33%. Corning’s dividend 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.