Corning Incorporated (NYSE:GLW) Stake Raised by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC grew its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,277,173 shares of the electronics maker’s stock after buying an additional 14,560 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Corning were worth $60,691,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Sierra Ocean LLC bought a new stake in shares of Corning during the fourth quarter valued at approximately $25,000. Asset Planning Inc bought a new stake in shares of Corning during the fourth quarter valued at approximately $29,000. Vermillion Wealth Management Inc. bought a new stake in shares of Corning during the fourth quarter valued at approximately $29,000. Putney Financial Group LLC bought a new stake in shares of Corning during the fourth quarter valued at approximately $30,000. Finally, Mainstream Capital Management LLC bought a new stake in shares of Corning during the fourth quarter valued at approximately $35,000. Institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the transaction, the vice president now owns 9,610 shares in the company, valued at approximately $450,805.10. The trade was a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

Corning Price Performance

NYSE GLW opened at $49.49 on Thursday. The stock has a market capitalization of $42.39 billion, a P/E ratio of 85.33, a P/E/G ratio of 1.50 and a beta of 1.09. Corning Incorporated has a 1 year low of $35.40 and a 1 year high of $55.33. The business’s fifty day moving average is $44.82 and its two-hundred day moving average is $47.54. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. The company had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The firm’s revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.38 earnings per share. On average, research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.26%. Corning’s dividend payout ratio is currently 215.38%.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of recent analyst reports. HSBC raised Corning from a “hold” rating to a “buy” rating and lifted their price target for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Bank of America raised their price objective on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, March 19th. Wall Street Zen lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Barclays lowered their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.08.

Corning Company 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.