Strategies Wealth Advisors LLC Makes New $305,000 Investment in Corning Incorporated (NYSE:GLW)

Strategies Wealth Advisors LLC purchased a new stake in Corning Incorporated (NYSE:GLW) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 5,845 shares of the electronics maker’s stock, valued at approximately $305,000.

Several other hedge funds also recently bought and sold shares of GLW. Barclays PLC lifted its holdings in shares of Corning by 8.5% in the third 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. M&T Bank Corp increased its holdings in shares of Corning by 3.8% during the 3rd quarter. M&T Bank Corp now owns 165,246 shares of the electronics maker’s stock worth $7,461,000 after acquiring an additional 6,040 shares during the last quarter. Bard Financial Services Inc. bought a new position in shares of Corning in the third quarter valued at about $1,631,000. Sanctuary Advisors LLC increased its position in Corning by 26.2% during the third quarter. Sanctuary Advisors LLC now owns 124,564 shares of the electronics maker’s stock worth $6,044,000 after acquiring an additional 25,829 shares during the period. Finally, World Investment Advisors LLC increased its stake in Corning by 327.3% during the 3rd quarter. World Investment Advisors LLC now owns 24,087 shares of the electronics maker’s stock worth $1,088,000 after acquiring an additional 18,450 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Price Performance

Shares of NYSE:GLW opened at $41.17 on Monday. The company’s fifty day moving average price is $47.57 and its 200-day moving average price is $47.81. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The firm has a market capitalization of $35.27 billion, a price-to-earnings ratio of 70.98, a PEG ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. On average, equities research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were issued a dividend of $0.28 per share. The ex-dividend date was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.72%. Corning’s dividend payout ratio is currently 193.10%.

Insider Buying and Selling at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the transaction, the chief operating officer now directly 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 disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on GLW shares. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Morgan Stanley raised their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Citigroup boosted their target price on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Barclays lowered their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Finally, Bank of America boosted their target price on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, March 19th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $54.31.

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.