Corning Incorporated (NYSE:GLW) Shares Bought by EverSource Wealth Advisors LLC

EverSource Wealth Advisors LLC lifted its position in shares of Corning Incorporated (NYSE:GLW) by 48.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,800 shares of the electronics maker’s stock after purchasing an additional 1,563 shares during the period. EverSource Wealth Advisors LLC’s holdings in Corning were worth $228,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Sound Income Strategies LLC lifted its holdings in Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after buying an additional 227 shares in the last quarter. Sierra Ocean LLC purchased a new stake in shares of Corning during the fourth quarter worth about $25,000. Asset Planning Inc acquired a new position in shares of Corning in the fourth quarter worth about $29,000. Rosenberg Matthew Hamilton boosted its holdings in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 500 shares during the last quarter. Finally, Mainstream Capital Management LLC acquired a new stake in Corning during the 4th quarter valued at approximately $35,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on GLW shares. Morgan Stanley upped their target price on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Citigroup boosted their target price on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Barclays reduced their price target on shares of 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, StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Four investment 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’s stock. Based on data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Corning Stock Up 2.8 %

Shares of Corning stock opened at $46.86 on Monday. The stock has a market capitalization of $40.13 billion, a price-to-earnings ratio of 80.79, a PEG ratio of 1.50 and a beta of 1.03. Corning Incorporated has a twelve month low of $30.72 and a twelve 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 business’s 50 day simple moving average is $49.88 and its 200-day simple moving average is $47.50.

Corning (NYSE:GLW) last issued its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Equities research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.39%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio (DPR) is 193.10%.

Insider Buying and Selling at Corning

In related news, COO Eric S. Musser sold 30,000 shares of the 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 completion of the transaction, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The shares were 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 owned by company insiders.

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.