Lineweaver Wealth Advisors LLC Grows Position in Corning Incorporated (NYSE:GLW)

Lineweaver Wealth Advisors LLC boosted its holdings in Corning Incorporated (NYSE:GLW) by 4.8% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 26,405 shares of the electronics maker’s stock after buying an additional 1,217 shares during the quarter. Lineweaver Wealth Advisors LLC’s holdings in Corning were worth $1,255,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Allspring Global Investments Holdings LLC lifted its position in Corning by 7.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 40,214 shares of the electronics maker’s stock valued at $1,816,000 after purchasing an additional 2,702 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of Corning by 1,780.0% during the 3rd quarter. International Assets Investment Management LLC now owns 248,009 shares of the electronics maker’s stock valued at $11,198,000 after buying an additional 234,817 shares during the period. Hennion & Walsh Asset Management Inc. purchased a new position in shares of Corning in the 3rd quarter worth $269,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Corning by 75.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 96,824 shares of the electronics maker’s stock worth $4,344,000 after acquiring an additional 41,715 shares during the period. Finally, Valmark Advisers Inc. increased its position in Corning by 12.5% during the third quarter. Valmark Advisers Inc. now owns 7,572 shares of the electronics maker’s stock valued at $342,000 after acquiring an additional 842 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other news, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the business’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 disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

Corning Price Performance

Shares of Corning stock opened at $49.99 on Thursday. The company has a market capitalization of $42.82 billion, a price-to-earnings ratio of 86.19, a PEG ratio of 1.50 and a beta of 1.03. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The stock’s 50-day simple moving average is $50.08 and its 200-day simple moving average is $47.01. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33.

Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping 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, analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.24%. Corning’s payout ratio is 193.10%.

Analysts Set New Price Targets

Several brokerages have issued reports on GLW. Morgan Stanley raised their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Barclays dropped their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. UBS Group lifted their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, Citigroup upped their price objective on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $53.00.

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.