RWA Wealth Partners LLC Boosts Holdings in Corning Incorporated (NYSE:GLW)

RWA Wealth Partners LLC increased its holdings in Corning Incorporated (NYSE:GLW) by 30.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 17,951 shares of the electronics maker’s stock after purchasing an additional 4,205 shares during the period. RWA Wealth Partners LLC’s holdings in Corning were worth $547,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Peoples Bank KS purchased a new stake in Corning during the third quarter valued at about $25,000. OFI Invest Asset Management purchased a new stake in Corning during the 3rd quarter valued at about $25,000. SRS Capital Advisors Inc. grew its position in Corning by 232.9% during the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after acquiring an additional 652 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new position in Corning in the 4th quarter worth approximately $31,000. Finally, Emfo LLC bought a new stake in Corning in the fourth quarter valued at approximately $33,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Down 0.5 %

Corning stock opened at $31.35 on Friday. Corning Incorporated has a one year low of $25.26 and a one year high of $36.01. The stock has a fifty day moving average of $32.29 and a 200 day moving average of $30.44. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The stock has a market cap of $26.82 billion, a PE ratio of 46.79, a price-to-earnings-growth ratio of 1.74 and a beta of 1.08.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting the consensus estimate of $0.39. The firm had revenue of $2.99 billion during the quarter, compared to analyst estimates of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business’s revenue for the quarter was down 12.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.47 EPS. As a group, sell-side analysts predict that Corning Incorporated will post 1.87 EPS for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s payout ratio is 167.16%.

Insider Transactions at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

GLW has been the topic of several recent analyst reports. HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a report on Thursday, February 1st. Barclays boosted their price objective on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. JPMorgan Chase & Co. increased their target price on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. UBS Group boosted their price target on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Finally, Susquehanna reiterated a “positive” rating and issued a $40.00 price objective on shares of Corning in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Corning currently has a consensus rating of “Hold” and a consensus target price of $34.78.

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.