Modern Wealth Management LLC Invests $211,000 in Corning Incorporated (NYSE:GLW)

Modern Wealth Management LLC purchased a new stake in Corning Incorporated (NYSE:GLW) in the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 4,448 shares of the electronics maker’s stock, valued at approximately $211,000.

Other institutional investors have also recently bought and sold shares of the company. Amundi boosted its holdings in shares of Corning by 139.0% in the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after buying an additional 2,268,436 shares during the period. Raymond James Financial Inc. acquired a new position in Corning in the 4th quarter worth approximately $92,522,000. Appaloosa LP purchased a new position in Corning during the 4th quarter worth approximately $71,280,000. FMR LLC raised its stake in Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the period. Finally, State Street Corp lifted its holdings in shares of Corning by 3.8% in the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after purchasing an additional 1,242,718 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity

In other Corning news, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction that occurred 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. 0.40% of the stock is currently owned by company insiders.

Corning Stock Performance

Shares of NYSE GLW opened at $45.91 on Friday. The business’s 50-day simple moving average is $49.84 and its 200-day simple moving average is $47.86. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. 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 price-to-earnings ratio of 79.16, a P/E/G ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last released 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 net margin of 3.86% and a return on equity of 15.10%. As a group, equities research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

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

Wall Street Analyst Weigh In

Several research analysts recently weighed in on GLW shares. Bank of America upped their price target on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, March 19th. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Citigroup boosted their price objective on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and upped their price objective for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Finally, Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. 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 MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $54.31.

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.