Parr Mcknight Wealth Management Group LLC Purchases New Shares in Corning Incorporated (NYSE:GLW)

Parr Mcknight Wealth Management Group LLC purchased a new position in shares of Corning Incorporated (NYSE:GLW) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 11,633 shares of the electronics maker’s stock, valued at approximately $553,000.

A number of other hedge funds have also bought and sold shares of GLW. Sound Income Strategies LLC increased its holdings in shares of Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares during the period. Sierra Ocean LLC bought a new stake in shares of Corning in the fourth quarter valued at approximately $25,000. Asset Planning Inc acquired a new stake in Corning during the fourth quarter worth approximately $29,000. Mainstream Capital Management LLC bought a new position in Corning during the 4th quarter worth $35,000. Finally, JFS Wealth Advisors LLC increased its stake in Corning by 171.8% during the 4th quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker’s stock worth $38,000 after acquiring an additional 512 shares during the period. 69.80% of the stock is owned by institutional investors.

Corning Stock Down 0.4%

GLW stock opened at $48.38 on Friday. The firm has a 50-day moving average price of $44.78 and a 200-day moving average price of $47.52. Corning Incorporated has a 12 month low of $35.40 and a 12 month high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $41.44 billion, a P/E ratio of 83.42, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. The business had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.63 billion. Corning had a net margin of 3.86% and a return on equity of 15.10%. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.38 EPS. As a group, equities research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business 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 dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. Corning’s dividend payout ratio (DPR) is presently 215.38%.

Insider Activity

In related news, SVP Michael Alan Bell sold 20,262 shares of the business’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP John Z. Zhang sold 8,000 shares of the company’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the transaction, the vice president now directly owns 9,610 shares of the company’s stock, valued at approximately $450,805.10. The trade was a 45.43% decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

GLW has been the subject of a number of recent analyst reports. Citigroup cut their target price on Corning from $58.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Wall Street Zen cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Barclays reduced 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. Bank of America raised their target price on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, March 19th. Finally, Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.08.

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.