Corning Incorporated (NYSE:GLW) Shares Acquired by Focus Partners Wealth

Focus Partners Wealth grew its position in Corning Incorporated (NYSE:GLW) by 12.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 602,240 shares of the electronics maker’s stock after purchasing an additional 65,108 shares during the period. Focus Partners Wealth’s holdings in Corning were worth $28,649,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of GLW. Barclays PLC lifted its stake in shares of Corning by 8.5% in the 3rd quarter. Barclays PLC now owns 1,892,946 shares of the electronics maker’s stock valued at $85,468,000 after purchasing an additional 148,042 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of Corning by 48.4% in the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock valued at $8,975,000 after purchasing an additional 62,514 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Corning by 1.4% in the 3rd quarter. Principal Financial Group Inc. now owns 890,981 shares of the electronics maker’s stock valued at $40,228,000 after purchasing an additional 12,451 shares in the last quarter. Nordea Investment Management AB lifted its stake in shares of Corning by 2.5% in the 4th quarter. Nordea Investment Management AB now owns 65,183 shares of the electronics maker’s stock valued at $3,092,000 after purchasing an additional 1,571 shares in the last quarter. Finally, Czech National Bank lifted its stake in shares of Corning by 6.5% in the 4th quarter. Czech National Bank now owns 167,079 shares of the electronics maker’s stock valued at $7,940,000 after purchasing an additional 10,196 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Michael Alan Bell sold 20,262 shares of the business’s stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.40% of the company’s stock.

Corning Stock Performance

Shares of GLW opened at $45.08 on Monday. The business’s 50 day moving average is $44.42 and its two-hundred day moving average is $47.49. Corning Incorporated has a 52-week low of $34.15 and a 52-week high of $55.33. The firm has a market cap of $38.61 billion, a price-to-earnings ratio of 77.73, a PEG ratio of 1.50 and a beta of 1.09. 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 announced its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. Corning had a return on equity of 15.10% and a net margin of 3.86%. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same period in the prior year, the company posted $0.38 EPS. Corning’s quarterly revenue was up 12.9% on a year-over-year basis. Analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.48%. Corning’s dividend payout ratio (DPR) is 215.38%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. reduced their price objective on Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Citigroup reduced their price target on Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Mizuho set a $52.00 price target on Corning in a research report on Tuesday, April 15th. Barclays reduced their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Finally, Bank of America boosted their price target on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. 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. According to data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and an average target price of $53.08.

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.